- Cherish Company provided the following transactions: 1. Exchanged a car from inventory for a computer to be used as a long term asset. Carrying amount of the car Listed selling price of the car Fair value of the computer Cash difference paid by Cherish Company 300,000 450,000 430,000 50,000 2. Exchanged an old packaging machine which cost P240,000 and was 50% depreciated, for new machine and paid a cash difference of P30,000. The fair value of the old packaging machine is determined to be P110,000 and the list price of the new machine is P150,000. 3. Exchanged an old equipment costing P3,000,000 with accumulated depreciation of P1,800,000 and fair value of P1,000,000 for another used equipment with fair value of P1,200,000. The exchange is nonmonetary. Required: Prepare journal entries to record the transactions.