Jimmy has fallen on hard times recently. Last year he borrowed $270,000 and added an additional $73,500 of his own funds fo purchase $343,500 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 $246,700. For each of the following independent siruations, indicate the amount Jimmy must include in gross income Note: Leave no enswer blank. Enter zero if applicable. Requited: a. The real estate is woth 5187,200 and Jimmy has no other assets or nabmines b. The real estate 15 worth $254,550 and Jimmy has no other assets or istabities. c. The real estate is worth $215,800 and Jimmy has $45,000 in other assets but no othet nabiltes Complete this question by entering your answers in the tabs belew. Jimmy has fallen on hard times tecently. Last year he borrowed $270,000 and added an additional $73,500 of his own funds to purchase $343,500 of undeveloped real estate. This year the value of the real estate dropped dramaticaliy, and Jimmy's lender agreed to reduce the toan amount to $246,700. For each of the following independent situations, indkate the amount Jimmy must include in gross income: Note: Leave no onswer blenk. Enter zero if applicable. Required: a. The real estate 15 worth $187.200 and Jummy hos no other assets or uabilities: b. The real estote 15 voitu $254.550 and dimmy has no other assets or itabilites c. The real estote is worth $215,800 and Jimmy hos $45,000 in oiner assets but no other habilites: Complete this question by entering your answers in the tabs below. Jimmy has fallen on hard times recently. Last year he borrowed $270.000 and added an additional $73,500 of his own funds to purchase $343.500 of undeveloped real estate. This year the volue of the real estate dropped dramatically, and Jimmy's lender agreed to reduce the loan amount to $246,700. For each of the following independent situations, indicate the amount Jimmy must include in gross income: Note: Leave no onswer blank. Enter zero lf opplicable. Required: 0. The real estate is worth $187,200 and Jimmy has no other assets or liablittes. b. The resi estate is worth $254,550 and Jimmy has no othet assets or iabilites. c. The real estate is worth $215,300 and Jimnty hos $45,000 in other ossets but no other liabilities. Complete this question by entering your answers in the tabs below