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 S10,000 cash plus 4 percent sales tax. The clock had originally cost GCI $6,000. Show the accounting equation effects and prepare the journal entries related to this transaction. 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.) Assets Liabilities Stockholders Equity 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 $10,000 cash plus 4 percent sales tax. The clock had originally cost GCI $6,000. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume GCI uses a perpetual inventory system. 2. 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.) View transaction list Journal entry worksheet Record the sales revenue of $10,000 plus 4 percent sales tax. Note: Enter debits before credits. Transaction General Journal Credit Record entry Clear entry View general journal Journal entry worksheet Record the cost of goods sold of $6,000. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal