On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the...

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On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Original cost Accumulated depreciation Fair value Robers' Asset $155,000 83,000 85,500 Phifer's Asset $175,000 91,000 73,500 To equalize the exchange, Phifer paid Robers $12,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the exchange of equipment for Phifer Corporation. The exchange has commercial substance for both companies. To equalize the exchange, Phifer paid Robers $12,000 in cash. Note: Enter debits before credits. Event 2 General Journal Debit Credit View general journal Record entry Clear entry On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Original cost Accumulated depreciation Fair value Robers' Asset $155,000 83,000 85,500 Phifer's Asset $175,000 91,000 73,500 To equalize the exchange, Phifer paid Robers $12,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the exchange of equipment for Phifer Corporation. The exchange has commercial substance for both companies. To equalize the exchange, Phifer paid Robers $12,000 in cash. Note: Enter debits before credits. Event 2 General Journal Debit Credit View general journal Record entry Clear entry

Answer rating: 100% (QA)

Given Data Original cost of Robers asset 155000 Fair value of Phifers asset 83000 Accumulated deprec... View the full answer