Question: Exercise 1 0 - 3 ( LO . 1 ) Jarrod receives a scholarship of $ 1 8 , 5 0 0 from East State

Exercise 10-3(LO.1)
Jarrod receives a scholarship of $18,500 from East State University to be used to pursue a bachelor's degree. He spends $12,000 on tuition, $1,500 on books and supplies, $4,000 for room and board, and $1,000 for personal expenses.
How much may Jarrod exclude from his gross income?

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