Problem $10-7($Static$)$ Nonmonetary exchange $[$LO$10-6]$

On September $3,2024,$ the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows:

Robers$$ Asset Phifer$$s Asset

Original cost $ $120,000$ $ $140,000$

Accumulated depreciation $55,00063,000$

Fair value $75,00070,000$

To equalize the exchange, Phifer paid Robers $$5,000$ in cash.