On September 3, 2024, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Original cost Phifer's Asset Robers' Asset $ 135,000 $ 155,000 Accumulated depreciation Fair value 67,000 79,500 75,000 71,500 To equalize the exchange, Phifer paid Robers $8,000 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. View transaction list Journal entry worksheet < 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 $8,000 in cash. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal