QUESTION 1: Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. This year, she sells the following long-term assets used in her business:

Asset	Sales Price	Cost	Accumulated Depreciation
Building	$293,500	$248,500	$55,500
Equipment	$100,500	$192,700	$32,800

Lily's taxable incomebefore these transactions is $256,000.What are Lily's taxable income and tax liability for the year?

I got it wrong, my answers were :297,000 taxable income and78,259 for tax liability. please help i need the right answer

This is the tax rate schedule: http://ezto-cf-media.mheducation.com/Media/Connect_Production/bne/accounting/spilker_8e/taxrateschedule.jpg

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QUESTION 2:

Shimmer Inc. is a calendar-year-end, accrual method corporation. This year, it sells the following long-term assets:

Asset	Sales Price	Cost	Accumulated Depreciation
Building	$697,000	$675,000	$49,500
Sparkle Corporation stock	191,000	264,000	n/a

Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $886,000.

What are Shimmer's taxable income and tax liability for the year?

(I also got this wrong, my answers were Taxable income: 908,000 and tax liability 308,720