On September 3, 2011, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange
Question:
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 bothcompanies.
Transcribed Image Text:
riginal cost Accumulated depreciation Fair value Robers AssetPhifer's Asset 1,40,000 63.000 70,000 $120,000 55,000 75,000
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Robers Cash 5000 New equipment 75000 5000 70000 Accumulated depreciation ...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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