Sarasota Corporation is authorized to issue 48,000 shares of $5 par value common stock. During 2017, Sarasota took part in the following selected transactions.

1. Issued 5,200 shares of stock at $47 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 $48,000. The stock was actively traded on a national stock exchange at approximately $48 per share on the date of issuance.
3. Purchased 460 shares of treasury stock at $43 per share. The treasury shares purchased were issued in 2013 at $40 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.