Southern Company owns a building that it leases to others. The building's fair value is $1,400,000 and its book value is $800,000 (original cost of $2,000,000 less accumulated depreciation of $1,200,000 ). Southern exchanges this for a building owned by the Eastern Company. The building's book value on Eastern's books is $950,000 (original cost of $1,600,000 less accumulated depreciation of $650,000 ). Eastern also gives Southern $140,000 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.)