Question
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
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 | $ | 210,000 | $ | 230,000 | ||
| Accumulated depreciation | 127,000 | 135,000 | ||||
| Fair value | 102,000 | 79,000 | ||||
To equalize the exchange, Phifer paid Robers $23,000 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.)
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Information Systems Control And Audit
Authors: Et Al. Hyo-Jeong Kim, Michael Mannino, Compiled By Koros Press Editorial Board
1st Edition
1781639426, 978-1781639429
