On September 3, 2024, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Phifer's Asset $ 155,000 75,000 71,500 To equalize the exchange, Phifer paid Robers $8,000 in cash. Original cost Accumulated depreciation Fair value Robers' Asset $ 135,000 67,000 79,500 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On September 3, 2024, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows:
Phifer's Asset
$ 155,000
75,000
71,500
To equalize the exchange, Phifer paid Robers $8,000 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
Robers' Asset
$ 135,000
67,000
79,500
2
Record the exchange of equipment for Robers Company. The exchange has
commercial substance for both companies. To equalize the exchange, Phifer
paid Robers $8,000 in cash.
Note: Enter debits before credits.
Event
1
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
>
Transcribed Image Text:On September 3, 2024, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Phifer's Asset $ 155,000 75,000 71,500 To equalize the exchange, Phifer paid Robers $8,000 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 Robers' Asset $ 135,000 67,000 79,500 2 Record the exchange of equipment for Robers Company. The exchange has commercial substance for both companies. To equalize the exchange, Phifer paid Robers $8,000 in cash. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general journal >
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