To be "legal" with 5% voltage drop with 120V, 15 amp load at 700ft. The code book says #4 copper cable. So four conductors of #4 copper will provide the same power at the shed as a split receptacle in your kitchen. Two 15amp 120 circuits or one 240V 15amp circuit. Paul is correct that 12/2 at 700ft is rated for 2.5 amps. The solution would be to save a couple of 10kva single phase air cooled transformers. 120/240V to 480V or better yet a 120/240V to 600V. Step 240V up to 600V at the main service. Run 600V out to the shed. Step the shed 600V back down to 120/240V. 12/2 gauge 700ft feed with 600V out to the shed would operate four 120V 15amp receptacles or one 30amp 240V receptacle.
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