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 $12\mathrm{.}47$ Part a $($Algo$)$

a$.$ If LaMont receives one pass $($worth $$307)$ each month, how much of this benefit must he include in his gross income each year?

Transit pass benefit to be included in gross income