Exercise 5-26 (Algorithmic) (LO. 1, 2)
Jarrod receives a scholarship of $24,400 from East State University to be used to pursue a bachelor's degree. He spends $14,640 on tuition, $1,220 on books and supplies, $4,880 for room and board, and $3,660 for personal expenses.
How much may Jarrod exclude from his gross income?