Required information [The following information applies to the questions displayed below.] Jarvie loves to bike. In fact, he has always turned down better-paying jobs to work in bicycle shops where he gets an employee discount. At Jarvie's current shop, Bad Dog Cycles, each employee is allowed to purchase four bicycles a year at a discount. Bad Dog has an average gross profit percentage on bicycles of 25 percent. During the current year, Jarvie bought the following bikes: Description Retail Price Specialized road bike Trek road bike $ 7,400 Cost $ 5,100 Employee Price $ 5,920 Rocky Mountain mountain bike 4,200 3,500 3,360 4,700 4,200 3,290 Yeti mountain bike 4,200 3,120 3,360 a. What amount is Jarvie required to include in taxable income from these purchases? Answer is complete but not entirely correct. Amount to be included $ 790