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	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 $165,100.

What are Lily's taxable tax liability for the year? Use Tax Rate Schedule for reference.

Che 5 Problem 11-48 (LO 11-3, LO 11-4, LO 11-5) 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: points Accumulated Sales Price $234,600 Cost Depreciation Asset Building Equipment eBook $56,600 27,600 $204,600 Print 84,600 152,600 References Lily's taxable income before these transactions is $165,100 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.) Description Taxable income Tax liability Amount $ 211,300 2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 9,525|10% of taxable income $9,525 $ 38,70i0 $ 82,500 $157,500 $200,000 $500,000 $ 38,700 |$952.50 plus 12% of the excess over $9,525 $ 82,500 |$4,453.50 plus 22% of the excess over $38,700 $157,500 |$14,089.50 plus 24% of the excess over $82,500 $200,000 | $32,089.50 plus 32% of the excess over $157,500 $500,000 |$45,689.50 plus 35% of the excess over $200,000 $150,689.50 plus 37% of the excess over $500,000