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: Asset Building Equipment Sales Price $230,000 80,000 Cost $200,000 148,000 Accumulated Depreciation $52,000 23,000 Lily's taxable income before these transactions is $190,500. 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 final answers to the nearest whole dollar amount.) Amount Description Taxable income Tax liability Required information [The following information applies to the questions displayed below.] Bourne Guitars, a corporation, reported a $157,000 net $1231 gain for year 6. a. Assuming Bourne reported $50,000 of nonrecaptured net $1231 losses during years 1-5, what amount of Bourne's net $1231 gain for year 6, if any, is treated as ordinary income? Answer is complete but not entirely correct. Bourne's gain treated as ordinary income $ 107,000 $