! Required information [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.) b. The real estate is worth $296,950 and Jimmy has no other assets or liabilities. Amount Included in Gross Income Scenario B ! Required information [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.) c. The real estate is worth $254,500 and Jimmy has $47,400 in other assets but no other liabilities. Amount Included in Gross Income Scenario C