(Solution) - Larry receives a scholarship to attend the local college The -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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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?