Question 6 The Schumann Company exchanged machinery with an appraised value of $2,500,000, a book value of $1,000,000 (original cost of $3,000,000 and accumulated depreciation of $2,000,000 ) with the Barber Company for machinery owned by Barber. Barber's machinery had a book value of $1,600,000 (original cost of $4,100,000 and accumulated depreciation of $2,500,000 ). Barber also paid Schumann $500,000 cash. Provide the journal entries for both Schumann and Barber, assuming the transaction is of commercial substance