Problem 5-53 (a) (LO. 2) Starting in 2002, Sergio and Jasmine have been purchasing Series EE bonds in their name to use for the higher education of their son, Devon, who currently is age 20. In 2018, they cash in $24,000 of the bonds to use for tuition, fees, and room and board. Of this amount, $10,000 represents interest. Of the $24,000, $19,200 is used for tuition and fees, and $4,800 is used for room and board. Sergio and Jasmine's AGI, before the educational savings bond exclusion, is $130,950 If an amount is zero, enter "0". a. If Sergio and Jasmine file a joint, how much is the savings bond exclusion? Round any division to three decimal places and use rounded amount in subsequent computations. If required, round your final answer to the nearest dollar. b. Assume that Sergio and Jasmine purchased the bonds in Devon's name. Determine the tax consequences for Devon. 29,134 X of savings bond interest is included in Devon's gross income