Journal entry worksheet 1 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 General Journal Debit Credit 1 Record entry Clear entry View general Journal 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 $8,000 in cash. Note: Enter debits before credits. Event General Journal Debit Credit 2 Record entry Clear entry View general Journal On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Original cost Accumulated depreciation Fair value Robers' Asset $135,000 67,000 79,500 Phifer's Asset $ 155,000 75,000 71,500 To equalize the exchange, Phifer paid Robers $8,000 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.)