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Grandpa Clocks, Incorporated $($GCI$),$ is a retailer of wall, mantle, and grandfather clocks. Assume GCl sells a grandfather clock for $$15,500$ cash plus $4$ percent sales tax. The clock had originally cost $GCl$$$11,500.$ Assume $GCl$ 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.$)$