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 $500 per month for the rest of his life. Larry paid $48,180 for the annuity. Larry is in good health and is 72 years old. Larry received the first annuity payment of $500 this month. Use the expected number of payments in Exhibit 5-1 for this problem. roblem 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 5-60 (LO 5-3) (Algo) [The following information applies to the questions displayed below.] Jimmy has fallen on hard times recently. Last year he borrowed $264,000 and added an additional $68,500 of his own funds to purchase $332,500 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 $242,200. For each of the following independent situations, indicate the amount Jimmy must include in gross income: Note: Leave no answer blank. Enter zero if applicable. Problem 5-60 Part a (Algo) a. The real estate is worth $186,800 and Jimmy has no other assets or liabilities. 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 $500 per month for the rest of his life. Larry paid $48,180 for the annuity. Larry is in good health and is 72 years old. Larry received the first annuity payment of $500 this month. Use the expected number of payments in for this problem. Problem 5-52 Part c (Algo) c. What are the tax consequences if Larry dies just after he receives the 100th payment