FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 $ 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.

Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. 

Answr must be in table format or i will give down vote 

 

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