and journal entries as well, thank you.

Required information [The following information opplies to the questions displayed below] Grandpa Clocks, incorporated (GCl), is a retailer of wall, mantle, and grandfather clocks. Assume. GCl selis a grandfather clock for $11,500 cash plus 6 percent sales tax. The clock had originally cost GCl$7,500. Assume GCl uses a perpetual inventory system. , Indicate the effects of the smounts for the obove transactions. (Enter any decreases to assets, llabilities, or stockholders equity with a minus sign.)