Chapter 5 Exercises II Saved Help Save & Exit Submit Check my work Required information The following information applies to the questions displayed below. Part 1 of 3 Jimmy has fallen on hard times recently. Last year he borrowed $264,000 and added an additional $68,500 of his own funds to purchase $332,500 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 $242,200. eBook For each of the following independent situations, indicate the amount Jimmy must include in gross income: (Leave no answer blank. Enter zero if applicable.) Print a. The real estate is worth $186,800 and Jimmy has no other assets or liabilities. Scenario A Amount Includible