Question
34.) Adrian was awarded an academic scholarship to State University for the 2015-2016 academic year. He received $6,500 in August and $7,200 in December 2015.
34.) Adrian was awarded an academic scholarship to State University for the 2015-2016 academic year. He received $6,500 in August and $7,200 in December 2015. Adrian had enough personal savings to pay all expenses as they came due. Adrians expenditures for he relevant period are as follows:
Tuition, August 2014: $3,700
Tuition, January 2015: $3,750
Room and board:
August-December 2014: $2,800;
January-May 2015: $2,500
Books and educational supplies:
Aug-Dec 2014: 1,000;
Jan-May 2015: $1,200
Determine the effect on Adrian's gross income for 2015 and 2016.
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