Southern Company owns a building that it leases to others. The buildings fair value is $2,350,000 and its book value is $1,560,000 (original cost of $2,950,000 less accumulated depreciation of $1,390,000). Southern exchanges this for a building owned by the Eastern Company. The buildings book value on Easterns books is $1,710,000 (original cost of $2,550,000 less accumulated depreciation of $840,000). Eastern also gives Southern $235,000 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.)