2 es Required information [The following information applies to the questions displayed below.) Raphael Corporation's balance sheet shows the following stockholders' equity section. Preferred stock-5% cumulative, $ par value, 1,000 shares authorized, issued, and outstanding Common stock-$ Retained earnings par value, 4,000 shares authorized, issued, and outstanding Total stockholders' equity $ 80,000 120,000 340,000 $ 540,000 Required: 1. Determine the par values of the corporation's preferred stock and its common stock. Corporation's preferred stock Corporation's common stock Par Value