On December 31, 2018, Powell engaged in an exchange of buildings with ABC Co. The following information pertains to the building each company owned immediately before the exchange:

	Powell Co.	ABC Co.
Building cost	$231,048	$326,240
Accumulated depreciation	64,180	152,340
Fair value	144,000	130,680

In addition, Powell received $13,320 cash from ABC. Assume the exchange of buildings has commercial substance.

Prepare the journal entries to record the omitted transactions