Southern Company owns a building that it leases to others. The building's fair value is $1,450,000 and its book value is $840,000 (original cost of $2,050,000 less accumulated depreciation of $1,210,000). Southern exchanges this for a building owned by the Eastern Company. The building's book value on Eastern's books is $990,000 (original cost of $1,650,000 less accumulated depreciation of $660,000). Eastern also gives Southern $145,000 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Record the exchange on the books of Southern Company. The exchange has commercial substance for both companies. Note: Enter debits before credits. Event 1 General Journal Debit Credit