Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2023,...
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Accounting
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 Depreciation Building $ 233,600 $ 203,600 $ 55,600 Equipment 83,600 151,600 26,600 Lily's taxable income before these transactions is $194,100. 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
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