Shimmer does not sell any other assets during the year and

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Shimmer Inc is a calendar year end, accrual method corporation. This year its sells the following long term assets:

Assets          Sales Price          Cost          Acc. Depr

Building         $230,000             $200,000   $52,000

Equipment     $ 80,000             $148,000   $23,000

Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $800,000. What are Shimmer's taxable income and tax liability for the year?

Reference no: EM13484951

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