Required information [The following information applies to the questions displayed below.] Raphael Corporation's balance sheet shows the following stockholders' equity section. \begin{tabular}{llr} Preferred stock-5\% 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 & & 360,000 \\ Total stockholders' equity & $635,000 \\ \hline \end{tabular} Required: 1. Determine the par values of the corporation's preferred stock and its common stock