Grandpa Clocks, Incorporated $($GCI$),$ is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $$16,000$ cash plus $5$ percent sales tax. The clock had originally cost GCI $$12,000.$ Assume 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.