Buying Bonds for Daughter with Tax Refund (Question on the Law)

So we file for taxes and see that we are getting a tax refund of $2671.

We are a little bit confused on form 8888 from the IRS.
http://ift.tt/29f7GNa

I "think" I know what it means, but want to see if some of you could clarify. We filed JOINTLY.
GOAL: We want to buy a bond (or bonds whatever they send) for my daughter and just leave one of the parents (either my wife or I) as an owner and daughter as a co-owner.

The (probably) confusion: Line 4. It states to enter the amount to buy a bond for yourself (and your spouse if married filing jointly). My confusion is does this mean this is the only option for those filing jointly? What I THINK I should do here is put a 0 (zero) in line 4 because we don't want to buy a bond for ourselves (wife and I). I'm thinking I'm wrong with this confusion about it being the ONLY option though, just wanted clarity.

Am I correct to think we should put a 0 (zero) in line 4 and then go to line 5a and enter the amount we want in bond(s), so in this case $2600.00
Then go to line 5b and enter EITHER my wife's name or my name (not both) clearly (directions state to enter 1 name only)
Then go to line 5c and enter my daughter's name clearly (make her a co-owner).

Is that basically correct in how I'm thinking to do this?

Also what is the difference between a co-owner and beneficiary?

Thank you so much in advance!

Buying Bonds for Daughter with Tax Refund (Question on the Law)