Raphael Corporations balance sheet shows the following stockholders equity section. Preferred stock5% cumulative, $___ par value, 1,000 shares authorized, issued, and outstanding $ 85,000 Common stock$___ par value, 4,000 shares authorized, issued, and outstanding 80,000 Retained earnings 340,000 Total stockholders' equity

Required: 1. Determine the par values of the corporation's preferred stock and its common stock