P 10-7 Nonmonetary exchange LO10-6g On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers' Asset $120,000 55,000 75,000 Phifer's Asset $140,000 Original cost Accumulated depreciation Fair value 63,000 70,000 To equalize the exchange, Phifer paid Robers $5,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies