Problem $11-48($LO $11-3,$ LO $11-4,$ LO $11-5)($Algo$)$

Lily Tucker $($single$)$ owns and operates a bike shop as a sole proprietorship. In $2023,$ she sells the following long$-$term assets used in

her business:

Lily's taxable income before these transactions is $$193,500.$ 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.