Blue Corporation is authorized to issue 49,000 shares of $5 par value common stock. During 2020, Blue took part in the following selected transactions. 1. Issued 4,900 shares of stock at $42 per share, less costs related to the issuance of the stock totaling $7,400. 2. Issued 1,200 shares of stock for land appraised at $49,000. The stock was actively traded on a national stock exchange at approximately $43 per share on the date of issuance. 3. Purchased 520 shares of treasury stock at $42 per share. The treasury shares purchased were issued in 2016 at $39 per share. (a) Prepare the journal entry to record item 1. (b) Prepare the journal entry to record item 2. (c) Prepare the journal entry to record item 3 using the cost method