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\mathrm{.}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.

Journal entry worksheet

$1$

$2$

Record the exchange of equipment for Robers Company, The exchange has commercial substance for both companies. To equalize the exchange, Phifer paid Robers $$16,000$ in cash.

Note: Enter debits before credits.

$\backslash$table$[[$Event$,$General Journal,Debit,Credit$],[1,$Cash,,$]]$