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 $ 150,000 $ 170,000 Accumulated depreciation 79,000 87,000 Fair value 84,000 73,000 To equalize the exchange, Phifer paid Robers $11,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies

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 $11,000 in cash. Note: Enter debits before credits. Event General Journal Debit Credit 1