On September 3, 2011, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange

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On September 3, 2011, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows:

To equalize the exchange, Phifer paid Robers $5,000 in cash.

Required:
Record the exchange for both Robers and Phifer. The exchange has commercial substance for bothcompanies.

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Intermediate Accounting

ISBN: 978-0077400163

6th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson

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Question Posted: Jul 02, 2013 06:04 AM

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On September 3, 2011, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange

Question:

riginal cost Accumulated depreciation Fair value Robers AssetPhifer's Asset 1,40,000 63.000 70,000 $120,000 55,000 75,000

Step by Step Answer:

Robers Cash 5000 New equipment 75000 5000 70000 Accumulated depreciation ...View the full answer

Intermediate Accounting

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