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 Total stockholders equity Required: 1. Determine the par values of the corporation's preferred stock and its common stock. Par value Corporation's preferred stock Corporation's common stock $ 50,000 80,000 150,000 $ 280,000 2. If two years' preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $11,500, compute the total amount paid to (a) preferred shareholders and (b) common shareholders. a. Total amount paid to the preferred shareholders b. Total amount paid to the common shareholders