The accounting records of Mack's Appliances included the following balances at the end of the period: In the past, Mack's warranty expense has been 8% of sales. During the current period, the business paid $8,000 to satisfy the warranty claims. Read the reguirements Requirement 1. Joumalize Mack'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 dovits first, then credits. Exclude explanations from journal ontries.) Now journalize the warranty payments. Requirement 2. Show what Mack's will report on its income statement and balance sheet for this situation at the end of the period. (If an input fiald is not used in the statertent, leave the fald e do not solect a labei or enter a zero.) Begin by showing what the company would report on its income statement at the end of the period Now show what the company would report on its balance sheet at the end of the period. Requirement 3. Which data item from requirement 2 will affect the current ratio? Will Mack's current ratio increase or decrease due to this item? Which data item from Requirement 2 will affect Mack's current ratio? Will Mack's current ratio increase or decrease as a fesult of an increase in this ltem? been 8% of sales. During the current period, the business paid $8,000 to satisfy the warranty claims. Requirements: 1. Journalize Mack's warranty expense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required. 2. Show what Mack'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 Mack's current ratio increase or decrease due to this item