Jermaine and Kesha are married, file a joint tax return, haveAGI of $75,000, and have two children. Devona is beginning herfreshman year at State University during the fall of 2012, andArethia is beginning her senior year at Northeast University duringthe fall of 2012 after having completed her junior year during thespring of that year. Both Devona and Arethia are claimed asdependents on their parents' tax return. Devona's qualifyingtuition expenses and fees total $3,500 for the fall semester, whileArethia's qualifying tuition expenses and fees total $5,250 foreach semester during 2012. Full payment is made for the tuition andrelated expenses for both children during each semester. TheAmerican Opportunity credit and lifetime learning credits availableto Jermaine and Kesha for 2012 are: (American Opportunity credit; lifetime learning credit)     A   $1,500; $1,050.    B   $1,500; $2,000.    C    $2,250; $5,250.    D    $4,875; $0

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Jermaine and Kesha are married, file a joint tax return, haveAGI of $75,000, and have two children. Devona is beginning herfreshman year at State University during the fall of 2012, andArethia is beginning her senior year at Northeast University duringthe fall of 2012 after having completed her junior year during thespring of that year. Both Devona and Arethia are claimed asdependents on their parents' tax return. Devona's qualifyingtuition expenses and fees total $3,500 for the fall semester, whileArethia's qualifying tuition expenses and fees total $5,250 foreach semester during 2012. Full payment is made for the tuition andrelated expenses for both children during each semester. TheAmerican Opportunity credit and lifetime learning credits availableto Jermaine and Kesha for 2012 are:

(American Opportunity credit; lifetime learning credit) 

   A   $1,500; $1,050.

   B   $1,500; $2,000.

   C    $2,250; $5,250.

   D    $4,875; $0

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