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

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On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Original cost Accumulated depreciation Fair value Robers' Asset $150,000 79,000 84,000 Phifer's Asset $170,000 87,000 73,000 To equalize the exchange, Phifer paid Robers $11,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 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 $11,000 in cash. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal

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