Questions: Exercise 5-26 (Algorithmic) (LO. 1, 2) Jarrod receives a scholarship of 22,600 from East State University to be used to pursue a bachelor's degree. He spends 13,560 on tuition, 1,130 on books and supplies, 4,520 for room and board, and 3,390 for personal expenses. How much may Jarrod exclude from his gross income?

Exercise 5-26 (Algorithmic) (LO. 1, 2) Jarrod receives a scholarship of 22,600 from East State University to be used to pursue a bachelor's degree. He spends 13,560 on tuition, 1,130 on books and supplies, 4,520 for room and board, and 3,390 for personal expenses. How much may Jarrod exclude from his gross income?
Transcript text: Exercise 5-26 (Algorithmic) (LO. 1, 2) Jarrod receives a scholarship of $\$ 22,600$ from East State University to be used to pursue a bachelor's degree. He spends $\$ 13,560$ on tuition, $\$ 1,130$ on books and supplies, $\$ 4,520$ for room and board, and $\$ 3,390$ for personal expenses. How much may Jarrod exclude from his gross income? $\$$ $\square$
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Solution

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Solution Steps

Step 1: Identify the Total Scholarship Amount

Jarrod receives a scholarship of \( \$22,600 \).

Step 2: Determine Qualified Expenses

Qualified expenses for exclusion from gross income include tuition and required books/supplies. Jarrod spends:

  • \( \$13,560 \) on tuition.
  • \( \$1,130 \) on books and supplies.
Step 3: Calculate the Excludable Amount

Add the qualified expenses: \[ \$13,560 + \$1,130 = \$14,690 \] This is the amount Jarrod may exclude from his gross income.

Final Answer

\(\boxed{14,690}\)

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