Southern Company owns a building that it leases to others. The building's fair value is $1,650,000 and its book value is $1,000,000 original cost of $2,250,000 less accumulated depreciation of $1,250,000 ). Southern exchanges this for a building owned by the Eastern Company. The building's book value on Eastern's books is $1,150,000 (original cost of $1,850,000 less accumulated depreciation of $700,000 ). Eastern also gives Southern $165,000 to complete the exchange. The exchange has commercial substance or 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. Journal entry worksheet 2 Record the exchange on the books of Southern Company. The exchange has commercial substance for both companies. Note: Enter debits before credits. 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