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Required information [The following information applies to the questions displayed below.] Raphael Corporation's balance sheet shows the following stockholders' equity section. Preferred stock 5z cumulative, $ par value, 1,000 shares authorized, issued, and outstanding comon stock- $ par value, 4,000 shares authorized, issued, and outstanding Retained earnings Total stockholders' equity $80,000160,000320,000$560,000 . If two years' preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $20,000, ompute the total amount paid to (a) preferred shareholders and (b) common shareholders. Required: 1. Determine the par values of the corporation's preferred stock and its common stock. 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