Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2021, she sells the following long-term assets used in her business:

Asset	Sales Price	Cost	Accumulated Depreciation
Building	$ 234,200	$ 204,200	$ 56,200
Equipment	84,200	152,200	27,200

Lily's taxable income before these transactions is $194,700. 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.)

Desription Amount

Taxable Income 240100

Tax liability ?

2021 Tax Rate Schedules

Individuals

Schedule X-Single

If taxable income is over:	But not over:	The tax is:
$ 0	$ 9,950	10% of taxable income
$ 9,950	$ 40,525	$995 plus 12% of the excess over $9,950
$ 40,525	$ 86,375	$4,664 plus 22% of the excess over $40,525
$ 86,375	$ 164,925	$14,751 plus 24% of the excess over $86,375
$ 164,925	$ 209,425	$33,603 plus 32% of the excess over $164,925
$ 209,425	$ 523,600	$47,843 plus 35% of the excess over $209,425
$ 523,600		$157,804.25 plus 37% of the excess over $523,600

Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)

If taxable income is over:	But not over:	The tax is:
$ 0	$ 19,900	10% of taxable income
$ 19,900	$ 81,050	$1,990 plus 12% of the excess over $19,900
$ 81,050	$ 172,750	$9,328 plus 22% of the excess over $81,050
$ 172,750	$ 329,850	$29,502 plus 24% of the excess over $172,750
$ 329,850	$ 418,850	$67,206 plus 32% of the excess over $329,850
$ 418,850	$ 628,300	$95,686 plus 35% of the excess over $418,850
$ 628,300		$168,993.50 plus 37% of the excess over $628,300

Schedule Z-Head of Household

If taxable income is over:	But not over:	The tax is:
$ 0	$ 14,200	10% of taxable income
$ 14,200	$ 54,200	$1,420 plus 12% of the excess over $14,200
$ 54,200	$ 86,350	$6,220 plus 22% of the excess over $54,200
$ 86,350	$ 164,900	$13,293 plus 24% of the excess over $86,350
$ 164,900	$ 209,400	$32,145 plus 32% of the excess over $164,900
$ 209,400	$ 523,600	$46,385 plus 35% of the excess over $209,400
$ 523,600		$156,355 plus 37% of the excess over $523,600

Schedule Y-2-Married Filing Separately

If taxable income is over:	But not over:	The tax is:
$ 0	$ 9,950	10% of taxable income
$ 9,950	$ 40,525	$995 plus 12% of the excess over $ 9,950
$ 40,525	$ 86,375	$4,664 plus 22% of the excess over $40,525
$ 86,375	$ 164,925	$14,751 plus 24% of the excess over $86,375
$ 164,925	$ 209,425	$33,603 plus 32% of the excess over $164,925
$ 209,425	$ 314,150	$47,843 plus 35% of the excess over $209,425
$ 314,150		$84,496.75 plus 37% of the excess over $314,150