Park & Company Was Recently Formed with a $5,000 Investment

Multiple Choice

Park & Company was recently formed with a $5,000 investment in the company by stockholders. 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, the company's total assets are:

A) $7,000.
B) $9,000.
C) $10,000.
D) $11,000.