On September 3, 2024, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers Asset Phifers Asset Original cost $ 165,000 $ 185,000 Accumulated depreciation 91,000 99,000 Fair value 88,500 74,500 To equalize the exchange, Phifer paid Robers $14,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.