Problem 12-47 (LO 12-3) (Algo) [The following information applies to the questions displayed below.) LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $277 per month. Problem 12-47 Part a (Algo) a. If LaMont receives one pass (worth $277) each month, how much of this benefit must he include in his gross income each year? Transit pass benefit to be included in gross income Problem 12-47 (LO 12-3) (Algo) [The following information applies to the questions displayed below.] LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $277 per month. Problem 12-47 Part b (Algo) b. If the company provides each employee with $277 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year? Parking benefit to be included in gross income