Required information [The following information applies to the questions displayed below.] Aruna, a sole proprietor, wants to sell two assets that she no longer needs for her business. Both assets qualify as 1231 assets. The first is machinery and will generate a $24,750$1231 loss on the sale. The second is land that will generate a $12,500$1231 gain on the sale. Aruna's ordinary marginal tax rate is 32 percent. Note: Input all amounts as positive values. Assuming that Aruna sells the land in December of year 1 and the machinery in January of year 2 , what effect will the sales have on runa's tax liability for each year? 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: Lily's taxable income before these transactions is $192,500. 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