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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.)

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.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Qw.44.

On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers' Asset Phifer's Asset $220,000 135,000 $240,000 143,000 105,000 80,000 Original cost Accumulated depreciation Fair value To equalize the exchange, Phifer paid Robers $25,000 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 Phifer Corporation. The exchange has commercial substance for both companies. To equalize the exchange, Phifer paid Robers $25,000 in cash. Note: Enter debits before credits. Event 2 General Journal Equipment-new Accumulated depreciation Loss on exchange of assets Equipment-old Cash Debit 105,000 143,000 Credit 25,000 >
Transcribed Image Text:On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers' Asset Phifer's Asset $220,000 135,000 $240,000 143,000 105,000 80,000 Original cost Accumulated depreciation Fair value To equalize the exchange, Phifer paid Robers $25,000 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 Phifer Corporation. The exchange has commercial substance for both companies. To equalize the exchange, Phifer paid Robers $25,000 in cash. Note: Enter debits before credits. Event 2 General Journal Equipment-new Accumulated depreciation Loss on exchange of assets Equipment-old Cash Debit 105,000 143,000 Credit 25,000 >
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