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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:

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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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