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The answer is not 889,000. Please correctly solve for taxable income and tax liability. Thank you! I will leave a thumbs up, if correct. Asset

The answer is not 889,000. Please correctly solve for taxable income and tax liability. Thank you! I will leave a thumbs up, if correct. image text in transcribed

Asset Building Sparkle Corporation stock Sales Price Cost $670,000 $653,000 229,000 281,000 Accumulated Depreciation $31,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $893,000. What are Shimmer's taxable income and tax liability for the year? (Assume a Corporate income tax rate as 21%.) Answer is complete but not entirely correct. $ 902,600 X Taxable income Tax liability $ 189,546 X V

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