Required information Problem 5.52 (LO 5-2) (Algo) [The following information applies to the questions displayed below] Larry purchased an annuity from an insurance company that promises to pay him $10,500 per month for the rest of his life. Larry paid $1,011,780 for the annuity. Larry is in good health and is 72 years old. Larry recenved the first annuity payment of $10,500 this month. Use the expected number of payments in Exhibit 51 for this problem Problem 5.52 Part a (Algo) a. How much of the first payment should Larry include in gross income? Required information Problem 5.52 (LO 5.2) (Algo) [The following information applies to the questions displayed below] Larry purchased an annuity from an insurance company that promises to pay him $10,500 per month for the rest of his life. Larry paid $1,011,780 for the annuity. Larry is in good health and is 72 years old. Larry received the first annuity payment of $10,500 this month. Use the expected number of payments in Exhibit 51 for this problem. Droblem 5-52 Part b (Algo) . If Larry lives more than 15 years after starting the annuity, how much of each additional payment should he include in gross income? Required information Problem 5-52 (LO 5-2) (Algo) [The following information applies to the questions displayed below] Larry purchased an annuity from an insurance company that promises to pay him $10.500 per month for the rest of his life Larry paid $1,011,780 for the annuity. Larry is in good heolth and is 72 years old. Larry received the first annuity payment of $10.500 this month Use the expected number of payments in Exhibit 5.1 for this problem. Problem 5.52 Part c (Algo) c. What are the tax consequences if Larry dies just after he receives the 100 th payment