Required information [The following information applies to the questions displayed below.] Raphael Corporation's balance sheet shows the following stockholders' equity section. 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 $90,000200,000320,000$610,000 Required: 1. Determine the par values of the corporation's preferred stock and its common stock. 2. If two years' preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $23,500, compute the total amount paid to (a) preferred shareholders and (b) common shareholders