Exercise 19-2 The following information is available for Buffalo Corporation for 2016 (its first year of operations) 1. Excess of tax depreciation over book depreciation, $38,000. This $38,000 difference will reverse equally over the years 2017-2020. 2. Deferral, for book purposes, of $19,800 of rent received in advance. The rent will be recognized in 2017. 3. Pretax financial income, $276,800 4, Tax rate for all years, 30%. Compute taxable income for 2016. Taxable income $