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 \begin{tabular}{r} $90,000 \\ 140,000 \\ 340,000 \\ \hline$570,000 \\ \hline \hline \end{tabular} Required: 1. Determine the par values of the corporation's preferred stock and its common stock