The accounting records of Carmine's Appliances included the following balances at the end of the period: Accrued Warranty Payable Sales Revenue Warranty Expense Beg bal 2,500 102,000 In the past, Carmine's warranty expense has been 7% of sales. During the current period, the business paid $4,000 to satisfy the warranty claims. Read the requirements. Requirement 1. Journalize Carmine's warranty expense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required. Start by journalizing the warranty expense. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit Warranty Expense Accrued Warranty Payable Now journalize the warranty payments. Journal Entry Date Accounts Debit Credit hoose from any liat ar antarany number in the innut fields and then continue to the neyt question The accounting records of Carmine's Appliances included the following balances at the end of the period: Accrued Warranty Payable Sales Revenue Warranty Expense Beg bal 2,500 102,000 In the past, Carmine's warranty expense has been 7% of sales. During the current period, the business paid $4,000 to satisfy the warranty claims. Read the requirements. Now journalize the warranty payments. Journal Entry Date Accounts Debit Credit Accrued Warranty Payable 4000 Cash 4000 Requirement 2. Show what Carmine's will report on its income statement and balance sheet for this situation at the end of the period. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Begin by showing what the company would report on its income statement at the end of the period. Income Statement Sales revenue 102,000 Choose from any list or enter any number in the input fields and then continue to the next question. Income Statement Sales revenue 102,000 Warranty expense Now show what the company would report on its balance sheet at the end of the period. Balance Sheet Current liabilities: Accrued warranty payable Requirement 3. Which data item from requirement 2 will affect the current ratio? Will Carmine's current ratio increase or decrease due to this item? Hant Requirement 3. Which data item from requirement 2 will affect the current ratio? Will Carmine's current ratio increase or decrease due to this item? Which data item from Requirement 2 will affect Carmine's current ratio? Accrued warranty payable Will Carmine's current ratio increase or decrease as a result of an increase in this item? Decrease