Grandpa Clocks, Incorporated $($GCI$),$ is a retailer of wall, mantle, and grandfather clocks. Assume $GCl$ sells a grandfather clock for $$19,500$ cash plus $4$ percent sales tax. The clock had originally cost $GCl$$$15,500.$ Assume $GCl$ uses a perpetual inventory system.

M$10-2($Algo$)$ Part $1$

Indicate the effects of the amounts for the above transactions. $($Enter any decreases to assets, liabilities, or stockholders equity with a minus sign.$)$