Problem 11-49 (LO 11-3, LO 11-4, LO 11-5) (Algo) Shimmer Incorporated is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset Building Sparkle Corporation stock Sales Price $ 728,000 210,000 Cost $ 709,000 264,500 Accumulated Depreciation $ 35,500 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $809,000. What are Shimmer's taxable income and tax liability for the year? Answer is complete but not entirely correct. Description Amount Taxable income $ 816,000 Tax liability $ 171,360