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 Sparkle Corporation stock $704,000 $693,000 136,000 187,000 $40,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $854,000 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.) Taxable income: Tax liability