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	$ 160,000	$ 180,000
Accumulated depreciation	87,000	95,000
Fair value	87,000	74,000

To equalize the exchange, Phifer paid Robers $13,000 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.

• Record the exchange of equipment for Robers Company. The exchange has commercial substance for both companies. To equalize the exchange, Phifer paid Robers $13,000 in cash.

Note: Enter debits before credits.

Event	General Journal	Debit	Credit
1

• Record the exchange of equipment for Phifer Corporation. The exchange has commercial substance for both companies. To equalize the exchange, Phifer paid Robers $13,000 in cash.

Note: Enter debits before credits.

Event	General Journal	Debit	Credit
2