Southern Company owns a bullding 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 Eastem 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 ). Eastem also gives Southem $165,000 to complete the exchange. The exchange has commercial substance for both companies. Required: Prepare the joumal entries to record the exchange on the books of both Southern and Eastem. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the exchange on the books of Southern Company. The exchange has commerdal substance for both companies. Mote: Enter debits befoce credits