Park&Company was recently formed with a $5,500 investment in the company by stockholders in exchange for common stock. The company then borrowed $2,500 from a local bank, purchased $1,050 of supplies on account, and also purchased $5,500 of equipment by paying $2,050 in cash and signing a promissory note for the balance. Based on these transactions, the company's total assets are: Multiple Choice $12,500 $10,050 $11,000 $8,000