The Mayfair Corporation was organized August 90,000 shares of no-par-value common stock with a stated value of $15 per share and 30,000 shares of $46 par-value, 14 percent preferred stock. 1 Issued 1,600 shares of common stock to Justin Baker for $15 a share. 1 Issued 1,450 shares of preferred stock to Austin Moore at par value. 6 Issued 1,300 shares of common stock to Mandie Brown for $22 a share. Jan. Received a subscription for 1, 800 shares of. preferred stock from Lauren Durio for installments due on the 15th and 31st of August. 15 Received payment of stock subscription installment due from Lauren Durio (one-half of the purchase price). 31 Received the balance due on the stock subscription of August 10 from Lauren Durio. Issued the stock. Record in general journal form the transactions listed above.