1 Required information The following information applies to the questions displayed below. Jimmy has fallen on hard times recently. Last year he borrowed $343,000 and added an additional $73,000 of his own funds to purchase $416,000 of undeveloped real estate. This year the value of the real estate dropped dramatically, and Jimmy's lender agreed to reduce the loan amount to $316,000. For each of the following independent situations, indicate the amount Jimmy must include in gross income: (Leave no answer blank. Enter zero if applicable.) a. The real estate is worth $253,800 and Jimmy has no other assets or liabilities. Scenario A Amount Includible