[The following information applies to the questions displayed below.]Larry purchased an annuity from an insurance company that promises to pay him $500 per month for the rest of his life.Larry paid $48,180 for the annuity. Larry is in good health and is 72 years old. Larry received the first annuity payment of$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 in gross income