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 39,000 shares at $10 per share. Jun, 10 Issued 140,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 10,000 shares of treasury stock at $10 per share. 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 39,000 shares at $10 per share. Jun, 10 Issued 140,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 10,000 shares of treasury stock at $10 per share