M10-2 (Algo) Recording Sales and State Tax [LO 10-2] [The following information applies to the questions displayed below.] Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCl selis a grandfather clock for $20,000 cash plus 4 percent sales tax. The clock had originally cost GCl$16,000. Assume GCl uses a perpetual inventory system. M102 (Algo) Part 1 1. Indicate the effects of the amounts for the above transactions, (Enter any decreases to assets, Habilities, or stockholders equity with a minus sign.)