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

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Shimmer Inc. is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Accumulated Asset Sales Price Cost Depreciation Building $698,000 $667,000 $24,500 Sparkle Corporation stock 218 , 000 2 85 , 00 0 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $874,000. What are Shimmer's taxable income and tax liability for the year? (New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the recent change.)