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 Phifer's Asset $120,000 55,000 75,000 $140,000 63,000 70,000 To equalize the exchange, Phifer paid Robers $5,000 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.) View transaction list 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 $5,000 in cash. Note: Enter debits before credits. Event 1 General Journal Debit Credit 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 $5,000 in cash. Note: Enter debits before credits. Event 2 General Journal Debit Credit Record entry Clear entry View general journal