Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. This year, she sells the following long-term assets used in her business: Asset Sales Price Cost Accumulated Depreciation Building $300,300 $265,500 $67,500 Equipment $119,000 $208,000 $32,400 Lily's taxable income before these transactions is $242,000. What are Lily's taxable income and tax liability for the year?