! Required information Saved [The following information applies to the questions displayed below.] Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $11,000 cash plus 4 percent sales tax. The clock had originally cost GCI $7,000. Assume GCI uses a perpetual inventory system. 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign.) Assets Liabilities + Stockholders' Equity