Check Required information Problem 5-60 (LO 5-3) (Algo) [The following information applies to the questions displayed below. Jimmy has fallen on hard times recently. Last year he borrowed $264,000 and added an additional $68,500 of his own funds to purchase $332,500 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 $242,200. For each of the following independent situations, indicate the amount Jimmy must include in gross income: (Leave no answer blank. Enter zero if applicable.) Problem 5-60 Part-b (Algo) b. The real estate is worth $250,950 and Jimmy has no other assets or liabilities. Scenario B $ 0 Amount Includible