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 9% of sales. During the current period, the business paid $4,000 to satisfy the warranty ciaims. Renad the Requirement 1. Joumalize Mack's warranty expense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required. Stat by journalizing the warranty expense. (Record debits first, then credits. Exclude explanations from journal entries.) 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 sheot for this situation at the end of the period. 3. Which data item from requirement 2 will aflect the current ratio? Will Mack's current ratio increase or decrease due to this item