Required information [The following information applies to the questions displayed below.] Grandpa Clocks, Inc. (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $15,500 cash plus 4 percent sales tax. The clock had originally cost GCI $11,500. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume GCI 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.)