! Required information [The following information applies to the questions displayed below.] Raphael Corporation's balance sheet shows the following stockholders' equity section. $ 70,000 Preferred stock-5% cumulative, $_ par value, 1,000 shares authorized, issued, and outstanding Common stock-$_ par value, 4,000 shares authorized, issued, and outstanding Retained earnings Total stockholders' equity 200,000 370,000 $ 640,000 1. What are the par values of the corporation's preferred stock and its common stock? Par Value Corporation's preferred stock Corporation's common stock