Lily Company exchanged machinery with an appraised value of $3,546,000, a recorded cost of $5,422,000 and accumulated depreciation of $2,711,000 with Jennifer Corporation for machinery Jennifer owns. The machinery has an appraised value of $3,324,000, a recorded cost of $6,360,000, and accumulated depreciation of $3,498,000. Jennifer also gave Lily $222,000 in the exchange. Assume depreciation has already been updated.

Please help me get these 2 values. lacking commercial substance, can you show work?

- Your answer is partially correct. Prepare the entries on both companies' books assuming that the exchange lacked commercial substance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round intermediate calculations to 5 decimal places and final answers to 0 decimal places, e.g. 12,515.) Debit Credit Account Titles and Explanation Accumulated Depreciation-Machinery 2711000 Machinery 6360000 Cash 222000 Machinery 5422000 Gain on Disposal of Machinery 3871000 Jennifer Account Titles and Explanation Debit Credit Accumulated Depreciation Machinery 3498000 Machinery 3084000 Machinery 6360000 Cash 222000