Problem 3-48 (LO 3-3, LO 3-4, LO 3-5) (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 $ 234,600 84,600 Cost $ 204,600 152,600 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. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Description Taxable income Tax liability Amount $ 241,300