Problem 10-7 (Algo) Nonmonetary exchange [LO10-6] On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Original cost Accumulated depreciation Fair value Robers Asset $140,000 Phifer's Asset $160,000 71,000 81,000 79,000 72,000 To equalize the exchange, Phifer paid Robers $9,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies. (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 $9,000 in cash.