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 $313,000 and added an additional $77,500 of his own funds to purchase $390,500 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 $284,400. 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-a (Algo) a. The real estate is worth $223,100 and Jimmy has no other assets or liabilities