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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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