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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 $$307$ per month.

Problem $12-47$ Part b $($Algo$)$

b$.$ If the company provides each employee with $$307$ per month in parking benefits, how much of the parking benefit must LaMont

include in his gross income each year?

Parking benefit to be included in gross income