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Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $19,000 cash plus 5 percent sales tax. The clock had originally cost GCI $15,000. Assume GCI uses a perpetual inventory system.

Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)