Required Information

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Raphael Corporation's balance sheet shows the following stockholders' equity section.

Preferred stock$-5\%$ cumulative, $

par value, $1,000$ shares authorized, issued, and outstanding

Required:

Determine the par values of the corporation's preferred stock and its common stock. If two years$$ preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $$19,600,$ compute the total amount paid to $($a$)$ preferred shareholders and $($b$)$ common shareholders.