Larry receives a scholarship to attend the local college.The scholarship terms provide $7,000 for tuition, books, and related expenses for the academic year.

Larry only spends $3,200 for tuition, books, and related supplies from August through December of year 1 and $3,400 from January through April of year 2.
Does Larry have any income from this scholarship and if so, in which year is it recognized?AppendixLO1