Lily Tucker $($single$)$ owns and operates a bike shop as a sole proprietorship. In $2023,$ she sells the following long$-$term assets used in her business:

Asset Sales Price Cost Accumulated Depreciation

Building $ $234,000$ $ $204,000$ $ $56,000$

Equipment $84,000152,00027,000$

Lily's taxable income before these transactions is $$194,500.$ What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference.