2 Required information (The following information applies to the questions displayed below.) Grandpa Clocks, Inc. (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $12,000 cash plus 3 percent sales tax. The clock had originally cost GCI $8,000. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume GCI uses a perpetual inventory system. d 1. Indicate the effects of the amounts for the above transactions (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign.) Assets Liabilities Stockhold (8,000)