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Richard Lee invests in his new firm $8,600 cash, $4,000 worth of supplies, $12,000 worth of equipment and machinery and a $5,000 note payable based

Richard Lee invests in his new firm $8,600 cash, $4,000 worth of supplies, $12,000 worth of equipment and machinery and a $5,000 note payable based on the equipment and machinery. What is the equity of the firm?

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