Cecil cashed in a Series EE savings bond with a redemption value of $15,500 and...

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Accounting

Cecil cashed in a Series EE savings bond with a redemption value of $15,500 and an original cost of $10,850.
For each of the following independent scenarios, calculate the amount of interest Cecil will include in his gross income assuming he files as a single taxpayer:
Note: Leave no answer blank. Enter zero if applicable.
Required:
a. Cecil plans to spend all of the proceeds to pay his son's tuition at State University. Cecil's son is a full-time student, and Cecil claims his son as a dependent. Cecil estimates his modified adjusted gross income at $65,800.
b. Assume the same facts in part (a), except Cecil plans to spend $4,650 of the proceeds to pay his son's tuition at State University, and Cecil estimates his modified adjusted gross income at $63,100.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Cecil plans to spend all of the proceeds to pay his son's tuition at State University. Cecil's son is a full-time student, and Cecil claims his son as a dependent. Cecil estimates his modified adjusted gross income at $65,800.
Amount of interest to be incluHded in gross income ( A IS CORRECT NEED HELP WITH PART B)
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