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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.

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
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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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. 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 Phifer's Asset $ 215,000 $ 235,000 131,000 139,000 103,500 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 $24,000 in cash. Note: Enter debits before credits. Event General Journal Debit Credit
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. 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 Phifer's Asset $ 215,000 $ 235,000 131,000 139,000 103,500 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 $24,000 in cash. Note: Enter debits before credits. Event General Journal Debit Credit
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