scenariu Southern Company owns a building (Building A) that it leases to others. Building A's fair value is $2,000,000 and its book value is $1,280,000 (original cost of $2,600,000 less accumulated depreciation of $1,320,000). Southern exchanges this for a building owned by the Eastern Company (Building B). Eastern also gives Southern $200,000 to complete the exchange. Required: (do not enter dollar sign; do not add a comma when entering an amount) 1. Assume the exchange has commercial substance, on Southern's book, a. The amount recorded into new asset will be . The amount of gain/loss on exchange will be 2. Assume the exchange lacks commercial substance, on Southern's book, a. The amount recorded into new asset will be . The amount of gain/loss on exchange will be Scenario 2: Eastern Company owns a building (Building B) that it leases to others. Building B's book value is $1,430,000 (original cost of $2,200,000 less accumulated depreciation of $770,000). Eastern exchanges this for a building owned by the Southern Company (Building A). The fair value of Building A is $2,000,000. Eastern also gives Southern $200,000 to complete the exchange. Required: (do not enter dollar sign, do not add a comma when entering an amount) 3. Assume the exchange has commercial substance, on Eastern's book, a. The amount recorded into new asset will be The amount of gain/loss on exchange will be 4. Assume the exchange lacks commercial substance, on Eastern's book, . The amount recorded into new asset will be The amount of gain/loss on exchange will be