Problem $11-48($LO $11-3,$ LO $11-4,$ LO $11-5)($Algo$)$

Lily Tucker $($single$)$ owns and operates a bike shop as a sole proprietorship. In $2023,$ she sells the following long$-$term assets used in her business:

Asset Sales Price Cost Accumulated DepreciationAsset Sales Price Cost Accumulated Depreciation

Building $ $230,400$ $ $200,400$ $ $52,400$

Equipment $80,400148,40023,400$

Lily's taxable income before these transactions is $$190,900.$ 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.