The acoounting 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 megirements Requirement 1. Journalize Mack's warranty axpense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required. Start by joumalzing the warranty expense. (Record debits firt, then credits, Excludo axplanations from journal entries.) Now journalize the warranty payments. 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