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Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2022,...

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Accounting

Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2022, she sells the following long-term assets used in her business: Asset Sales Price Cost Accumulated Depreciation Building $ 230,000 $ 200,000 $ 52,000 Equipment 80,000 148,000 23,000 Lily's taxable income before these transactions is $190,500. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference

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