Required information

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

Raphael Corporations common stock is currently selling on a stock exchange at $155 per share, and its current balance sheet shows the following stockholders equity section:

Preferred stock5% cumulative, $___ par value, 1,000 shares authorized, issued, and outstanding	$	75,000
Common stock$___ par value, 4,000 shares authorized, issued, and outstanding		200,000
Retained earnings		330,000
Total stockholders' equity	$	605,000

5.	If two years preferred dividends are in arrears and the preferred stock is callable at $85 per share, what are the book values per share of the preferred stock and the common stock?

Required information

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

Raphael Corporations common stock is currently selling on a stock exchange at $155 per share, and its current balance sheet shows the following stockholders equity section:

Preferred stock5% cumulative, $___ par value, 1,000 shares authorized, issued, and outstanding	$	75,000
Common stock$___ par value, 4,000 shares authorized, issued, and outstanding		200,000
Retained earnings		330,000
Total stockholders' equity	$	605,000

6.1	If two years preferred dividends are in arrears and the board of directors declares cash dividends of $14,000, what total amount will be paid to the preferred and to the common shareholders?