Southern Company owns a building that it leases to others. The buildings fair value is $2,400,000 and its book value is $1,600,000 (original cost of $3,000,000 less accumulated depreciation of $1,400,000). Southern exchanges this for a building owned by the Eastern Company. The buildings book value on Easterns books is $1,750,000 (original cost of $2,600,000 less accumulated depreciation of $850,000). Eastern also gives Southern $240,000 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.