Frem 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 per share. Jun. 10 Issued 150,000 shares in exchange for land with a clearly determined value of $820,000. Aug. 3 Purchased 10,000 shares of treasury stock at $10 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 Cash 440,000 Common Stock 40,000 X Additional Paid-in Capital from Common Stock 400,000 X Jun. 10 Land 950,000 X Common Stock 100,000 X Additional Paid-in Capital from Common Stock 850,000 Aug, 3 Treasury Stock 100,000 Cash 7 100,000 Feedback B. Calculate how many shares of stock are outstanding at August 3. shares