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 Required: 1. Determine the par values of the corporations preferred stock and its common stock.

Required information [The following information applies to the questions displayed below.] Raphael Corporation's balance sheet shows the following stockholders' equity section. Required: 1. Determine the par values of the corporation's preferred stock and its common stock