Total assets, liabilities, and shareholders' equity are $7,000, $5,000, and $1,000 before a new machine is purchased for $500 cash. What are the new amounts of assets, liabilities, and shareholders' equity after this event?

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The Answer of Total assets, liabilities, and shareholders' equity are $7,000, $5,000, and $1,000 before a new machine is purchased for $500 cash. What are the new amounts of assets, liabilities, and shareholders' equity after this event?

Total Assets, Liabilities, and Shareholders' Equity Are $7,000, $5,000, and $1,000