Business, 15.04.2020 03:52 Levantine2643

On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows:

Robers’ Asset Phifer’s Asset
Original cost $ 145,000 $ 165,000
Accumulated depreciation 75,000 83,000
Fair value 82,500 72,500
To equalize the exchange, Phifer paid Robers $10,000 in cash.

Record the exchange for both Robers and Phifer.

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On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of t...

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