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Required information Problem 12-47 (LO 12-3) (Algo) [The following information applies to the questions displayed below.] LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $277 per month. Problem 12-47 Part a Algo) a. If LaMont receives one pass (worth $277) each month, how much of this benefit must he include in his gross income each year? Answer is complete but not entirely correct. Transit pass benefit to be included in gross income 123 $ Problem 12-47 Part b (Algo) b. If the company provides each employee with $277 per month in parking benefits, how much of the parking benefit must Lamont Include in his gross Income each year? Answer is complete but not entirely correct. Parking benefit to be included in gross income $ 144