The acoounting records of Rick's Appliances included the following balances at the end of the period: In the past. Ricks warranty expense has been 8% of sales. During the current poriod, the business paid $8,000 to satisfy the warranty claims. Read the toguiremnnts: Requirement 1. Joumalze Rick's warranty expense for the period and the company's cash payments to satisty warrarity claims. Explanations are not required. Start by journalizing the warranty expense. (Record debits first, then credits. Exclude explanations from journal entries.) Requirements 1. Journalize Rick's warranty expense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required. 2. Show what Rick'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 Rick's current ratio increase or decrease due to this item