Required information Problem 12-47 (LO 12-3) (Algo) (The following information applies to the questions displayed betow.) LaMont works for a company lo downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $300 per month. Problem 12-47 Part a (Algo) a. If LaMont recelves one pass (woith $300 ) each month. how much of this benefit must he include in his gross income each year? Required information Problem 12-47 (LO 12-3) (Algo) [The following informotion appites 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 $300 per month. Problem 12-47 Part b (Algo) b. If the comparty provides each employee with $300 per month in parking benefits, how much of the parking benetit must LalMont include in his gross income each year