Required information

[The following information applies to the questions displayed below.] Raphael Corporations common stock is currently selling on a stock exchange at $189 per share, and its current balance sheet shows the following stockholders equity section:

Preferred stock5% cumulative, $___ par value, 1,000 shares authorized, issued, and outstanding	$	65,000
Common stock$___ par value, 4,000 shares authorized, issued, and outstanding		120,000
Retained earnings		350,000
Total stockholders equity	$	535,000

2. What are the par values of the corporation's preferred stock and its common stock?