Problem $11-49($LO $11-3,$ LO $11-4,$ LO $11-5)($Algo$)$

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

Asset Sales Price Cost Accumulated Depreciation

Building $ $712,000$ $ $695,000$ $ $44,500$

Sparkle Corporation stock $203,000264,500$ n$/$a

Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $$808,000.$

What are Shimmer's taxable income and tax liability for the year?