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 $ 185,000 107,000 94,500 Phifer's Asset $ 205,000 115,000 76,500 To equalize the exchange, Phifer paid Robers $18,000 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 Record the exchange of equipment for Robers Company. The exchange has commercial substance for both companies. To equalize the exchange, Phifer paid Robers $18,000 in cash. Note: Enter debits before credits. Event General Journal Credit 1 Cash Equipment-new Accumulated depreciation Equipment-old Gain on exchange of assets Debit 18,000 94,500 107,000 185,000 Record entry Clear entry View general Journal