HW Ch 11 Saved Help Save & Exit Submit Check my work 12 Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2019, she sells the following long-term assets used in her business: 0.49 points Asset Building Equipment Sales Price $230,000 80,800 Cost $200,800 148,800 Accumulated Depreciation $52,800 23,800 eBook Print References Lily's taxable income before these transactions is $191,300. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Description Taxable income Tax liability Amount 229,900 $