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! Required information Problem 5-52(LO 5-2)(Static) [The following information applies to...

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Required information
Problem 5-52(LO 5-2)(Static)
[The following information applies to the questions displayed below.]
Larry purchased an annuity from an insurance company that promises to pay him $1,500 per month for the rest of his life.
Larry paid $170,820 for the annuity. Larry is in good health and is 72 years old. Larry received the first annuity payment of
$1,500 this month. Use the expected number of payments in Exhibit 5-1 for this problem.
Problem 5-52 Part a (Static)
a. How much of the first payment should Larry include in gross income?
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