Account for a Warranty The accounting records of Made of Glass Ceramics included the following balances at the end of the (last) period: Warranty Expense Provision for Warranty Repairs Bal. 4,000 Made of Glass has determined that its warranty obligations at the end of the year are equal to 12,000. During 2010, the business paid 5,000 to satisfy the warranty claims. 1. Journalize Made of Glass's warranty expense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required. 2. Show what Made of Glass will report on its Income Statement and Balance Sheet for this situation. 3. Which data item from Requirement 2 will affect Made of Glass's current ratio? Will Made of Glass's current ratio increase or decrease as a result of this item