Required information Problem 5-52 (LO 5-2) (Static) [The following information applies to the questions displayed below.] Larry purchased an annuity from an insurance company that promises to pay him $1,500 per month for the rest of his life. Larry paid $170,820 for the annuity. Larry is in good health and is 72 years old. Larry received the first annuity payment of $1,500 this month. Use the expected number of payments in Exhibit 5-1 for this problem. Problem 5-52 Part-b (Static) b. If Larry lives more than 15 years after purchasing the annuity, how much of each additional payment should he include in gross income? Amount to be included in gross income $ 1,500 EXHIBIT 5-1 Table for Expected Return Multiple for Ordinary Single-Life Annui Age at Annuity Starting Date 68 Expected Return Multiple 17.6 69 16.8 70 16.0 71 15.3 72 14.6