As at December 31, 2019, Cayenne Ltd., a public company, had 40,000 common shares outstanding. During 2020, Cayenne had the following transactions. Issued 6,000 common shares at $29 per share, less $2,000 in costs related to the issuance of the shares. Issued 3,750 common shares for land appraised at $130,000. The closing price for the shares traded on the TSX was $32 per share on the date of issuance. Purchased and retired 500 of the company's shares at $28 per share. The repurchased shares have an average issue price per share of $30. 

Instructions 

a. Prepare the journal entries to record the three transactions listed. 

b. When shares are repurchased, is the original issue price of those individual shares relevant? Explain.