Required information [The following information applies to the questions displayed below. Raphael Corporation's balance sheet shows the following stockholders' equity section. Preferred stook-5t cumulative, \$ par value, 1,000 nhares authorized, insued, and outstanding Common ntock-5_ par value, 4,000 ahoren authorized, insued, and outstanding Retained earnings Total atockholders' equity Required: 1. Determine the par values of the corporation's 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. Preferred stock-5t cumulative, 5 par value, 1,000 shares authorized, issued, and outstanding Common stock- $ par value, 4,000 aharen authorized, issued, and outatanding Retained earnings Total stookbolders' equity 2. If two years' preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $24,600, compute the total amount paid to (a) preferred shareholders and (b) common sharehoiders