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7. (TCOs 1, 2, 3, and 5) Mary Green is a full-time undergraduate student at...

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Accounting

7. (TCOs 1, 2, 3, and 5) Mary Green is a full-time undergraduate student at Clayton State University. Mary is an honor student and received a $9,000-per-year scholarship. The scholarship award pays for Marys tuition ($6,000), books ($1,000), equipment ($1,200), and incidental expenses ($800). a: Explain how each of the amounts shown above would be treated for tax purposes. b: Calculate the total amounts that should be shown in Marys gross income. (Points : 30)

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