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

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Accounting

Shimmer Incorporated is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset Sales Price Cost Accumulated Depreciation Building $ 650,000 $ 642,000 $ 37,000 Sparkle Corporation stock 130,000 175,000 n/a 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

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