indicate the effects of the amount for the above transactions

Required information [The forlowing information applies to the questions displayed below]) Grandpa Clocks; Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCl sells a grandfather clock for $14,000 cash plus 4 percent sales tax. The clock had originally cost GCI $10,000. 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.)