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

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

Asset	Sales Price	Cost	Accumulated Depreciation
Building	$738,000	$723,000	$41,500
Sparkle Corporation stock	170,000	242,000	n/a

Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $812,000.

What are Shimmer's taxable income and tax liability for the year? (New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the recent change.)

Taxable income
Tax liability

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