Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2020, 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 $190,700. 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.) Answer is complete but not entirely correct. Description Amount Taxable income $ 228,100 Tax liability $ 64,378 X