Required information The following information applies to the questions displayed below) Grandpa Clocks, Inc. (GC, 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. Show the accounting equation effects and prepare the journal entries related to this transaction. 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.) Stockholders' Equity 1 2 5 Next > here to search 0 Chapter 10