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 2019, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $234,600 84,600 Cost $ 204,600 1 52,600 Accumulated Depreciation $56,600 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.) Amount Description Taxable income Tax liability