The accounting records of Ifs - Electric ino, included the following balances before the yearend adjustments: (Click the icon to view the data) In the past, It's - Electric's waranty expense has been 10% of sales. During the current period, the business paid $13.800 to satisty the watranty dainis of customers. Required 1. Rocord It's - Electric's warranty expense for the period and the company's cash paymerts to satisfy warranty claims. Explariaticns are not required 2. Show evorything li's - Elociric will roport on its income statement and balance sheot for this situation. 3. Which data item from Requirement 2 will atfect ifs - Electric's current ratio? Wil ifs - Eloctric's current ratio increaso or docrease as a cesult of this item? Requirement 1. Rocord its - Electrio's warranty exponse for the period and the compary/s cash payments to satisfy warranty claims. (Record debits first, then credits. Explanations are not required.) Begin by recording the warranty expente. The accounting records of Ifs - Electric ino, included the following balances before the yearend adjustments: (Click the icon to view the data) In the past, It's - Electric's waranty expense has been 10% of sales. During the current period, the business paid $13.800 to satisty the watranty dainis of customers. Required 1. Rocord It's - Electric's warranty expense for the period and the company's cash paymerts to satisfy warranty claims. Explariaticns are not required 2. Show evorything li's - Elociric will roport on its income statement and balance sheot for this situation. 3. Which data item from Requirement 2 will atfect ifs - Electric's current ratio? Wil ifs - Eloctric's current ratio increaso or docrease as a cesult of this item? Requirement 1. Rocord its - Electrio's warranty exponse for the period and the compary/s cash payments to satisfy warranty claims. (Record debits first, then credits. Explanations are not required.) Begin by recording the warranty expente