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, $ outstanding Common stock-$_ Retained earnings par value, 1,000 shares authorized, issued, and par value, 4,000 shares authorized, issued, and outstanding Total stockholders' equity Required: 1. Determine the par values of the corporation's preferred stock and its common stock. Answer is complete and correct. Par Value Corporation's preferred stock $ 55 Corporation's common stock $ 40 $ 55,000 160,000 380,000 $ 595,000 ! Required information [The following information applies to the questions displayed below.] Raphael Corporation's balance sheet shows the following stockholders' equity section. Preferred stock-58 cumulative, $ par value, 1,000 shares authorized, issued, and outstanding par value, 4,000 shares authorized, issued, and outstanding Common stock-$ Retained earnings Total stockholders' equity $ 55,000 160,000 380,000 $ 595,000 2. If two years' preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $14,900, compute the total amount paid to (a) preferred shareholders and (b) common shareholders. > Answer is complete but not entirely correct. Total amount paid to the preferred shareholders $ 55 X Total amount paid to the common shareholders S 56