On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the...
On September 3, 2021, the Robers Company exchanged equipment
with Phifer Corporation. The facts of the exchange are as
follows:
| Robers’ Asset | Phifer’s Asset | |||||
| Original cost | $ | 210,000 | $ | 230,000 | ||
| Accumulated depreciation | 127,000 | 135,000 | ||||
| Fair value | 102,000 | 79,000 | ||||
To equalize the exchange, Phifer paid Robers $23,000 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.)
Homework Answers
| Account Titles and Explanation | Debit | Credit | |
| Robers entries | Equipment (new) | $79,000 | |
| Accumulated Depreciation | 127000 | ||
| Cash | 23000 | ||
| Equipment | $210000 | ||
| Gain on Sale | 19000 | ||
| Phifer's entries | Equipment(new) | $102000 | |
| Accumulated depreciation | 135000 | ||
| Loss on Sale | 16000 | ||
| Equipment | $230000 | ||
| Cash | 23000 |
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