On September 3, 2024, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: original cost Accumulated depreciation Fair value To equalize the exchange, Phifer paid Robers $24,000 in cash. View transaction list 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 Robers' Asset $215,000 131,000 103,500 2 Note: Enter debits before credits. Event Phifer's Asset $ 235,000 139,000 79,500 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. General Journal Debit Credit
On September 3, 2024, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: original cost Accumulated depreciation Fair value To equalize the exchange, Phifer paid Robers $24,000 in cash. View transaction list 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 Robers' Asset $215,000 131,000 103,500 2 Note: Enter debits before credits. Event Phifer's Asset $ 235,000 139,000 79,500 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. General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:On September 3, 2024, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows:
original cost
Accumulated depreciation
Fair value
To equalize the exchange, Phifer paid Robers $24,000 in cash.
View transaction list
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
Robers' Asset
$ 215,000
131,000
103,500
2
Note: Enter debits before credits.
Event
Phifer's Asset
$ 235,000
139,000
79,500
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.
General Journal
Debit
Credit
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