The accounting records of Carmine's Appliances included the following balances at the end of the period: In the past, Carmine's warranty expense has been 8% of sales. During the current period, the business paid $8,500 to satisfy the warranty claims. Read the requirements. Start by journalizing the warranty expense. (Record debits first, then credits. Exclude explanations from journal entries.) Requirements 1. Journalize Carmine's warranty expense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required. 2. Show what Carmine's will report on its income statement and balance sheet for this situation at the end of the period. 3. Which data item from requirement 2 will affect the current ratio? Will Carmine's current ratio increase or decrease due to this item