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-5% cumulative, $par value, 1,000 shares authorized, issued, and outstanding Common stock-$par value, 4,000 shares authorized, issued, and outstanding Retained earnings Total stockholders' equity $ 50,000 80,000 150,000 $ 280,000 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