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, $_ par value, 1,000 shares authorized, issued, and outstanding Common stock-$ Retained earnings. par value, 4,000 shares authorized, issued, and outstanding Total stockholders' equity $ 60,000 100,000 320,000 $ 480,000 Required: 1. Determine the par values of the corporation's preferred stock and its common stock. Corporation's preferred stock Corporation's common stock Par Value