Problem 5-53 (b) (L0.2) Starting in 1998, Jackson and Sasha have been purchasing Series EE bonds in their name to use for the higher education of their son, Pedro, who currently is age 18. In 2019, they cash in $18,000 of the bonds to use for tuition, fees, and room and board of this amount, $4,000 represents interest. Of the $18,000, $10,800 is used for tuition and fees, and $7,200 is used for room and board. Jackson and Sasha's AGI, before the educational savings bond exclusion, is $98,000. If an amount is zero, enter "o". If Jackson and Sasha file a joint, how much is the savings bond exclusion? 2,400 a. Feedback b. Assume that Jackson and Sasha purchased the bonds in Pedro's name. Determine the tax consequences for Pedro. 2,400 X of savings bond interest is included in Pedro's gross income. Feedback Check My Work