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	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.

Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.

2022 Tax Rate Schedules

Individuals

Schedule X-Single

If taxable income is over:	But not over:	The tax is:
$ 0	$ 10,275	10% of taxable income
$ 10,275	$ 41,775	$1,027.50 plus 12% of the excess over $10,275
$ 41,775	$ 89,075	$4,807.50 plus 22% of the excess over $41,775
$ 89,075	$ 170,050	$15,213.50 plus 24% of the excess over $89,075
$ 170,050	$ 215,950	$34,647.50 plus 32% of the excess over $170,050
$ 215,950	$ 539,900	$49,335.50 plus 35% of the excess over $215,950
$ 539,900		$162,718 plus 37% of the excess over $539,900

Description	Amount
Taxable income
Tax liability