Required information

Skip to question

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

Raphael Corporations balance sheet shows the following stockholders equity section.

Preferred stock5% cumulative, $___ par value, 1,000 shares authorized, issued, and outstanding$ 55,000Common stock$___ par value, 4,000 shares authorized, issued, and outstanding160,000Retained earnings350,000Total stockholders' equity$ 565,000

Required:

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