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	$ 155,000	$ 175,000
Accumulated depreciation	83,000	91,000
Fair value	85,500	73,500

To equalize the exchange, Phifer paid Robers $12,000 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 $12,000 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 $12,000 in cash.

Note: Enter debits before credits.

Event	General Journal	Debit	Credit
2