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 $14,000 cash plus 1 percent sales tax. The clock had originally cost GCI $10,000. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume GC 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.)