Required information [The following information applies to the questions displayed below.] Raphael Corporation's common stock is currently selling on a stock exchange at $198 per share, and its current 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 5,000 80,000 310,000 Total stockholders' equity $ 475,000 2. What are the par values of the corporation's preferred stock and its common stock? Par Value Corporation's preferred stock Corporation's common stock