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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 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 General Journal Debit Credit 1 Record entry Clear entry View general journal Journal entry worksheet Record the exchange on the books of Eastern Company. The exchange has commercial substance for both companies. Note: Enter debits before credits. Event General Journal Debit Credit 2 Record entry Clear entry View general journal