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 $231,800 $201,800 $53,800 Equipment 81,800 149,800 24,800

Lily's taxable income before these transactions is $162,300.

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.)

Taxable Income=

Tax Liability=