Park & Company was recently formed with a $5,000 investment in the company by shareholders in exchange for common shares. The company then borrowed $2,000 from a local bank, purchased $1,000 of supplies on account, and also purchased $5,000 of equipment by paying $2,000 in cash and signing a promissory note for the balance. 

Based on these transactions, calculate the company's total assets.

Answer rating: 100% (QA)

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