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 2022, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $ 230,400 80,400 Cost $ 200,400 148,400 Accumulated Depreciation $ 52,400 23,400 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. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. Description Taxable income Tax liability Amount $ 228,700 $ 62,866 x