The accounting records of Audio - Everything Inc. included the following balances before the year-end adjustments: (Click the icon to view the data) In the past, Audio - Everything's warranty expense has been 10% of sales. During the current period, the business paid $12,600 to satisfy the warranty claims of customers. Required 1. Record Audio - Everything's warranty expense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required. 2. Show everything Audio- Everything will report on its income statement and balance sheet for this situation. 3. Which data item from Requirement 2 will affect Audio - Everything's current ratio? Will Audio-Everything's current ratio increase or decrease as a result of this item? Requirement 1. Record Audio - Everything's warranty expense for the period and the company's cash payments to satisfy warranty claims. (Record debits first, then credits. Explanations are not required.) Begin by recording the warranty expense. Data table