Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. This year, she sells the following Iong-term assets used in her business: Accumulated Sales Price Cost Depreciation Asset Building $304,000 $266,000 Equipment $122,000 $206,900 $61,000 $30,500 Lily's taxable income before these transactions is 179,000 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.) Description Taxable income Tax liability Amount