On September $3,2024,$ the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows:

To equalize the exchange, Phifer paid Robers $$16,000$ 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.