Buffalo Corporation began operations in $2025$ and reported pretax financial income of $$234,000$ for the year. Buffalo's tax depreciation exceeded its book depreciation by $$33,000.$ Buffalo's tax rate for $2025$ and years thereafter is $40\%.$ Assume this is the only difference between Buffalo's pretax financial income and taxable income.

Prepare the journal entry to record the income tax expense, deferred income taxes, and income taxes payable. $($List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Income Tax Expense

Deferred Tax Liability

Income Tax Payable

Show how the deferred tax liability will be classified on the December $31,2025,$ balance sheet.

Deferred tax liability should be classified as a $$ on the December $31,2025,$ balance sheet.