On September 3, 2016, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers Asset Phifers Asset Original cost $ 220,000 $ 240,000 Accumulated depreciation 135,000 143,000 Fair value 105,000 80,000 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.)