Park & Company was recently formed with a $6,100 investment in the company by stockholders...
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Park & Company was recently formed with a $6,100 investment in the company by stockholders in exchange for common stock. The company then borrowed $3,100 from a local bank, purchased $1,110 of supplies on account, and also purchased $6,100 of equipment by paying $2,110 in cash and signing a promissory note for the balance. Based on these transactions, the company's total assets are:
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