Swifty Corporation is authorized to issue52,000shares of $5par value common stock. During 2017, Swifty took part in the following selected transactions.

1.Issued5,300shares of stock at $48per share, less costs related to the issuance of the stock totaling $7,800.2.Issued1,200shares of stock for land appraised at $52,000. The stock was actively traded on a national stock exchange at approximately $49per share on the date of issuance.3.Purchased500shares of treasury stock at $43per share. The treasury shares purchased were issued in 2013 at $40per 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.