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Robers company exchanged equipment with phifer corporation

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Reference no: EM13480974

Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers' Asset Phifer's Asset Original cost $ 120,000 $ 140,000 Accumulated depreciation 55,000 63,000 Fair value 75,000 70,000 Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies.

Reference no: EM13480974

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