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 $215,000 $235,000 131,000 139,000 103,500 79,500 To equalize the exchange, Phifer paid Robers $24,000 in cash. Original cost Accumulated depreciation Fair value 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. View transaction list Journal entry worksheet 2 Record the exchange of equipment for Robers Company. The exchange has commercial substance for both companies. To equalize the exchange, Phifer paid Robers $24,000 in cash.
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 $215,000 $235,000 131,000 139,000 103,500 79,500 To equalize the exchange, Phifer paid Robers $24,000 in cash. Original cost Accumulated depreciation Fair value 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. View transaction list Journal entry worksheet 2 Record the exchange of equipment for Robers Company. The exchange has commercial substance for both companies. To equalize the exchange, Phifer paid Robers $24,000 in cash.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On September 3, 2024, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows:
Robers Asset
$ 215,000
Phifer's Asset
$ 235,000
139,000
79,500
131,000
103,500
To equalize the exchange, Phifer paid Robers $24,000 in cash.
Original cost
Accumulated depreciation
Fair value
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.
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 $24,000 in cash.
evidite
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