Harrison Company owns a manufacturing plant with a fair value of $3,500,000, a recorded cost of $6,200,000, and accumulated depreciation of $2,400,000. Pablo Company owns a warehouse with a fair value of $3,000,000, a recorded cost of $5,500,000, and accumulated depreciation of $2,800,000. Harrison and Pablo exchange assets with Harrison also receiving cash of $500,000 from Pablo. The exchange is considered to have commercial substance.

Required:

Record the exchange on the books of:

Harrison.

Pablo.