Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2018, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $230,200 80,200 Cost $200,200 148,200 Accumulated Depreciation $52,200 23,200 Lily's taxable income before these transactions is $160,700, 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 $ 198,100 Individuals Schedule X-Single The tax is: If taxable income is over: But not over: $ 0 $ 9,525 10% of taxable income $ 9,525 $ 38,700 $ 38,700 $ 82,500 $157,500 $ 82,500 $157,500 $200,000 $500,000 $952.50 plus 12% of the excess over $9,525 $4,453.50 plus 22% of the excess over $38,700 $14,089.50 plus 24% of the excess over $82,500 $32,089.50 plus 32% of the excess over $157,500 $45,689.50 plus 35% of the excess over $200,000 $150,689.50 plus 37% of the excess over $500,000 $200,000 $500,000