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 B.        Calculate how many shares of stock are outstanding at August 3.

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