M10-2 Recording Sales and State Tax [LO 10-2] (The following information applies to the questions displaved belom) Grandpa Clocks. Inc. (GC), is a retailer of wall, mantie. and grandfather clocks Assume CC sells a arandatterece for $20,000 cash plus 4 percent sales tax. The clock had originally cost GCI $16.000, Show the accounting equation effects and prepare the journal entries related to this transaction Assume Gai uses a perpetual inventory system. Part 1 of 2 10 polnts 10-2 Part 1 ects of the amounts for the above transactions. IEnter any decreases to assets, iabilities, or stockholders equity with a minus sign.) Pint Liabilities 15 000) 26 PM