Exercise 5-25 (Algorithmic) (LO. 1, 2) Jarrod receives a scholarship of $20,800 from East State University to be used to pursue a bachelor's degree. He spends $12,480 on tuition, $1,040 on books and supplies, $4,160 for room and board, and $3,120 for personal expenses. How much may Jarrod exclude from his gross income