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

Question:

On September 3, 2021, 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.

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Related Book For answer-question

Intermediate Accounting

ISBN: 978-1260481952

10th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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Question Posted: Sep 27, 2019 07:56 AM

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

Question:

Robers' Asset Phifer's Asset Original cost Accumulated depreciation Fair value $120,000 55,000 $140,000 63,000 75,000 70,000

Step by Step Answer:

Robers Cash 5000 Equipmentnew 75000 FV given 5000 ca...View the full answer

Intermediate Accounting

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