Exercise 15-6 Vaughn Corporation is authorized to issue 49,000 shares of $5 par value common stock. During 2017, Vaughn took part in the following selected transactions.

1. Issued 4,900 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $9,000.

2. Issued 1,100 shares of stock for land appraised at $49,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date of issuance.

3. Purchased 510 shares of treasury stock at $44 per share. The treasury shares purchased were issued in 2013 at $41 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.