As the average income in china continues to increase, explain how the following will change: a. the demand for beef b. the demand for rice as the average income in china continues to increase, we would expect the demand for beef to and the demand for rice to a. decrease if beef is a normal good; increase if rice is an inferior good b. not change; not change because people need to eat regardless of their income c. increase if beef is a normal good; decrease if rice is an inferior good d. increase; increase because the demand for any good increases when income increases

Martinez company has the following two temporary differences between its income tax expense and income taxes payable. 2017 2018 2019 pretax financial income $873,000 $866,000 $947,000 (2017' 2018, 2019) excess depreciation expense on tax return (29,400 ) (39,000 ) (9,600 ) (2017' 2018, 2019) excess warranty expense in financial income 20,000 9,900 8,300 (2017' 2018, 2019) taxable income $863,600 $836,900 $945,700(2017' 2018, 2019) the income tax rate for all years is 40%. instructions: a. prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019. b. assuming there were no temporary differences prior to 2016, indicate how deferred taxes will be reported on the 2016 balance sheet. button's warranty is for 12 months. c. prepare the income tax expense section of the income statement for 2017, beginning with the line, "pretax financial income."