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 $2021,$ she sells the following long$-$term

assets used in her business:

Lily's taxable income before these transactions is $$190,900.$ 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.$)$

Answer is complete but not entirely correct.