1. Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 40,000 shares at $10 share Jun. 10 Issued 100,000 shares in exchange for land with a clearly determined value of $850,000 Aug. 3 Purchased 10,000 shares of treasury stock at $9 per share Journalize the transactions and calculate how many shares of stock are outstanding at August 3