Check my work Required information [The following information applies to the questions displayed below.] Raphael Corporation's balance sheet shows the following stockholders' equity section. Preferred stock-58 cumulative, $_ par value, 1,000 shares authorized, issued, and outstanding Common stock-$_ outstanding $ 50,000 par value, 4,000 shares authorized, issued, and 80,000 150,000 Total stockholders' equity $ 280,000 Retained earnings Required: 1. Determine the par values of the corporation's preferred stock and its common stock. Preferred stock-5% cumulative, $ par value, 1,000 shares authorized, issued, and outstanding Common stock-$ outstanding Retained earnings $ 50,000 par value, 4,000 shares authorized, issued, and Total stockholders' equity 80,000 150,000 $ 280,000 2. If two years' preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $11,500, compute the total amount paid to (a) preferred shareholders and (b) common shareholders. Total amount paid to the preferred shareholders Total amount paid to the common shareholders