Required information [The following information applies to the questions displayed below.] Raphael Corporation's balance sheet shows the following stockholders' equity section. 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. \\begin{tabular}{lrr} Preferred stock-5\\% cumulative, \\( \\$ \\ldots \\) par value, 1,000 shares authorized, issued, and outstanding & \\( \\$ 80,000 \\) \\\\ Common stock- \\( \\$ \\_ \\)par value, 4,000 shares authorized, issued, and outstanding & 180,000 \\\\ Retained earnings & 320,000 \\\\ \\( \\begin{array}{l}\\text { Total stockholders' equity }\\end{array} 580,000 \\) \\\\ \\hline \\hline \\end{tabular} 2. If two years' preferred dividends are in arrears at the current date and the board of directors declares cash dividends of \\( \\$ 24,800 \\), compute the total amount paid to (a) preferred shareholders and \\( (b) \\) common shareholders