! 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 $312,000 and added an additional $89,500 of his own funds to purchase $401,500 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 $290,300. 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 $233,300 and Jimmy has no other assets or liabilities. Scenario A Amount Included in Gross Income 1 b. The real estate is worth $296,950 and Jimmy has no other assets or liabilities. Scenario B Amount Included in Gross Income c. The real estate is worth $254,500 and Jimmy has $47,400 in other assets but no other liabilities. Scenario C Amount Included in Gross Income