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grandpa clocks incorporated ( cgi ) , a retaiier of wall, mantle, and grandfather clocks. Assume gci sells a grandfather clock for $ 1 8

grandpa clocks incorporated (cgi), a retaiier of wall, mantle, and grandfather clocks. Assume gci sells a grandfather clock for $18,500 cash plus 4 percent sales tax. The clock had originaly cost gci $14,500. Asssume gci uses a perpetual inventory system. Indicate the effects of the amounts for the above transactions ( enter any decreases to assets, liabilities, or stockholders equity with a minus sign)

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