Return to question Required information The following information applies to the questions displayed below! Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume i selsa grandfather clock for $11,500 cash plus 6 percent sales tax. The clock had originally cost GCI $7,500. Assume Giuses a perpetual Inventory system 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, Habilities, or stockholders equity with a minus sign) Answer is complete but not entirely correct. Liabilities Stockholders' Equity Sales Tax Payable 890. Sales Revenge Cost of Goods Sold Common Stoo Cash 3 11,500 3450 - 7.500 11.500