Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2018, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $234, 400 84,400 Cost $ 204,400 152,400 Accumulated Depreciation $56, 400 27,400 Lily's taxable income before these transactions is $164,900. 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.) Amount Description Taxable income Tax liability 2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,525 10% of taxable income $ 9,525 $ 38,700 $952.50 plus 12% of the excess over $9,525 $ 38,700 $ 82,500 $4,453.50 plus 22% of the excess over $38,700 $ 82,500 $157,500 $14,089.50 plus 24% of the excess over $82,500 $157,500 $200,000 $32,089.50 plus 32% of the excess over $157,500 $200,000 $500,000 $45,689,50 plus 35% of the excess over $200,000 $500,000 $150,689.50 plus 37% of the excess over $500,000 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,050 10% of taxable income $ 19,050 $ 77,400 $1,905 plus 12% of the excess over $19,050 $ 77,400 $165,000 $8,907 plus 22% of the excess over $77,400 $165,000 $315,000 $28,179 plus 24% of the excess over $165,000 $315,000 $400,000 $64,179 plus 32% of the excess over $315,000 $400,000 $600,000 $91,379 plus 35% of the excess over $400,000 $600,000 $161,379 plus 37% of the excess over $600,000 000