Question: On September 3 , 2 0 2 4 , the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows:

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 $16,000 in cash.
Required:
Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Answer is complete but not entirely correct.
On September 3,2024, the Robers Company exchanged equipment with Phifer Corporation.

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