Raphael Corporations balance sheet shows the following stockholders equity section. Preferred stock5% cumulative, $___ par value, 1,000 shares authorized, issued, and outstanding $ 50,000 Common stock$___ par value, 4,000 shares authorized, issued, and outstanding 80,000 Retained earnings 150,000 Total stockholders' equity $ 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.

Required information [The following information applies to the questions displayed below.] Raphael Corporation's balance sheet shows the following stockholders' equity section. 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