(Answered) On september 3 2011 the robers company exchanged equipment

Accounting

On September 3, 2011, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows:

1089_254-B-A-I-A (3293).png

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.

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