Required information The following information applies to the questions displayed below Larry purchased an annuity from an insurance company that promises to pay him $5,500 per month for the rest of his life. Larry paid $529,980 for the annuity. Larry is in good health and he is 72 years old. Larry received the first annuity payment of $5,500 this month. Use the expected number of payments in Exhibit 5-1 for this problem a. How much of the first payment should Larry include in gross income? Amount to be included