Southern Company owns a building that it leases to others. The building's fair value is $2,000,000 and its book value is $1,280,000 (original cost of $2,600,000 less accumulated depreciation of $1,320,000). Southern exchanges this for a building owned by the Eastern Company. The building's book value on Eastern's books is $1,430,000 (original cost of $2,200,000 less accumulated depreciation of $770,000). Eastern also gives Southern $200,000 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. (f no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Event General Journal Debit 1,430,000 1,320,000 200,000 Credit Building-new Accumulated depreciation-old asset Cash 2,600,000 Building-new Gain on exchange of buildings 350,000 2,000,000 770,000 2 2 Building-new Accumulated depreciation-old asset Building-old Gain on exchange of buildings Cash 2,200,000 370,000 200,000