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Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Mar. 1 Issued 40,000 shares of stock at $9.75 per share Apr. 10 Issued 1,000 shares of stock for legal services valued at $10,000 Oct. 3 Purchased 1,000 shares of treasury stock at $9 per share Journalize the 3 transactions and calculate how many shares of stock are outstanding on August 3. Required: 3 journal entries and the number of outstanding shares of stock