Jimmy has fallen on hard times recently. Last year he borrowed $256,000 and added an additional $84,000 of his own funds to purchase $340,000 of undeveloped real estate. This year the value of the real estate dropped dramatically, and Jimmys lender agreed to reduce the loan amount to $231,600. For each of the following independent situations, indicate the amount Jimmy must include in gross income:

a. The real estate is worth $173,500 and Jimmy has no other assets or liabilities.

b. The real estate is worth $238,100 and Jimmy has no other assets or liabilities.

c.The real estate is worth $195,100 and Jimmy has $51,200 in other assets but no other liabilities.