Southern Company owns a building that it leases to others. The building's fair value is $$1,600,000$ and its book value is $$960,000$

$($original cost of $$2,200,000$ less accumulated depreciation of $$1,240,000).$ Southern exchanges this for a building owned by the

Eastern Company. The building's book value on Eastern's books is $$1,110,000($original cost of $$1,800,000$ less accumulated

depreciation of $$690,000).$ Eastern also gives Southern $$160,000$ 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.