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 38,000 shares at $10 share. Jun, 10 Issued 130,000 shares in exchange for land with a clearly determined value of $820,000. Purchased 10,000 shares of treasury stock at $10 per share. Aug. 3 A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. 369.000 X Jan. 31. Cash Common Stock 41,000 X Additional Paid-in Capital from Common Stock Jun. 10 Land Common Stock II III II Additional Pald-in Capital from Common Stock II III Aug. 3 Treasury Stock Cash B. Calculate how many shares of stock are outstanding at August 3 shares