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	$	175,000		$	195,000
Accumulated depreciation		99,000			107,000
Fair value		91,500			75,500

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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• 1

  Record the exchange of equipment for Robers Company. The exchange has commercial substance for both companies. To equalize the exchange, Phifer paid Robers $16,000 in cash.

• 2

  Record the exchange of equipment for Phifer Corporation. The exchange has commercial substance for both companies. To equalize the exchange, Phifer paid Robers $16,000 in cash.