Based on the information given the appropriate journal entries to record the exchange for both Robers and Phifer are:
Robers entries
Debit Equipment (new) $77,000
Debit Accumulated Depreciation $111 000
Debit Cash $19,000
Credit Equipment $190,000
Credit Gain on Sale $17,000
($77,000+$111,000+$19,000-$190,000)
Phifer's entries
Debit Equipment(new) $96,000
Debit Accumulated depreciation $119,000
Debit Loss on Sale $14,000
($210,000+$19,000-$96,000-$119,000)
Credit Equipment $210,000
Credit Cash $19,000
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