Jack and Katie have five grandchildren, ages 19,16,15,12, and 10 . They have established Coverdell Education Savings Accounts (CESA) for each of the grandchildren and would like to contribute the maximum amount allowable to each CESA for the 2023 taxable year. Jack and Katie's AGl for 2023 is $196,000. Requirement a. How much can Jack and Katie contribute to each grandchild's CESA in 2023? Since ] they can contribute to each of the Requirements a. How much can Jack and Katie contribute to each grandchild's CESA in 2023? b. Assume that the 19-year-old granddaughter is a freshman in college and makes a withdrawal of $7,000 from her CESA during the year 2023. Her college expenses for 2023 were as follows: The extra amount withdrawn was used as a down payment on a car that the granddaughter purchased during the year. She needed the car in order to drive to school rather than having to either ride the bus or ride with a friend. What are the tax consequences of the $7,000 distribution to the granddaughter