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Southern Company owns a building that it leases to others. The building's fair value is $2,200,000 and its book value is $1,440,000 (original cost of

 

$2,800,000 less accumulated depreciation of $1,360,000). Southern exchanges this for a building owned by the Eastern Company. The building's book value on

 

Eastern's books is $1,590,000 (original cost of $2,400,000 less accumulated depreciation of $810,000). Eastern also gives Southern $220,000 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

 

an event, select "No journal entry required" in the first account field.)

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

Southern Company:

 

 

 


 

Eastern Company:

 

 







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This question was answered on: Oct 24, 2017

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