On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers Asset Phifers Asset Original cost $ 195,000 $ 215,000 Accumulated depreciation 115,000 123,000 Fair value 97,500 77,500 To equalize the exchange, Phifer paid Robers $20,000 in cash.

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