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[The following information applies to the questions displayed below.] 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.