Problem 10-6 (Algo) Nonmonetary exchange [LO10-6] Southern Company owns a building that it leases to others. The building's fair value is $1,950,000 and its book value is $1,240,000 (original cost of $2,550,000 less accumulated depreciation of $1,310,000). Southern exchanges this for a building owned by the Eastern Company. The building's book value on Eastern's books is $1,390,000 (original cost of $2,150,000 less accumulated depreciation of $760,000). Eastern also gives Southern $195,000 to complete the exchange. The exchange has commercial substance for both companies. Required: Prepare the journal entries to record the exchange on the books of both Southern and Eastern. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No. Event General Journal 1 1 Cash Building-new Accumulated depreciation Building-old Gain on exchange of assets Debit Credit