On September 3, 2024, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange
Question:
On September 3, 2024, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows:
To equalize the exchange, Phifer paid Robers $5,000 in cash.
Required:
Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies.
Transcribed Image Text:
Original cost Accumulated depreciation Fair value Robers' Asset $120,000 55,000 75,000 Phifer's Asset $140,000 63,000 70,000
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Robers Cash 5000 Equipmentnew75000 FV given 5000 cash ...View the full answer
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