Solved: Record the exchange for both robers and phifer the exchange, Accounting Basics

Record the exchange for both robers and phifer the exchange

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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Accounting Basics: Record the exchange for both robers and phifer the exchange

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Accounting Basics: Record the exchange for both robers and phifer the exchange

Reference No:- TGS01303575

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