State university, Adrian was awarded an academic

State university

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Reference no: EM13915432

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. Adrian's 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.

Reference no: EM13915432

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