Question: chapter 10 problem 10-7 On September 3, 2013, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers

chapter 10 problem 10-7 On September 3, 2013, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers Asset Phifers Asset Original cost $ 120,000 $ 140,000 Accumulated depreciation 55,000 63,000 Fair value 75,000 70,000 Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies

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