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	Sales Price	Cost	Accumulated Depreciation
Building	$234,600	$204,600	$56,600
Equipment	84,600	152,600	27,600

Lily's taxable income before these transactions is $195,100.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.)

2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,875 S 9,875 $ 40,125 $ 40,125 $ 85,525 $ 85,525 $163,300 $163,300 $207,350 $207,350 $518,400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $163,300 $47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 $518,400