Business, 08.12.2021 01:00 GreenHerbz206
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 $ 190,000 $ 210,000
Accumulated depreciation 111,000 119,000
Fair value 96,000 77,000
To equalize the exchange, Phifer paid Robers $19,000 in cash.
Required:
Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies.
Answers: 3
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On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of t...
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