Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2022, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $ 233,000 83,000 Cost $ 203,000 151,000 Accumulated Depreciation $ 55,000 26,000 Lily's taxable income before these transactions is $193,500. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Description Taxable income Tax liability Amount