Required information [The following information applies to the questions displayed below.] Raphael Corporation's balance sheet shows the following stockholders' equity section. Required: 1. Determine the par values of the corporation's preferred stock and its common stock. Required information [The following information applies to the questions displayed below.] Raphael Corporation's balance sheet shows the following stockholders' equity section. \begin{tabular}{llr} Preferred stock-5\% cumulative, $ par value, 1,000 shares authorized, issued, and & \\ outstanding & $55 , 000 \\ Common stock- $ par value, 4,000 shares authorized, issued, and outstanding & 160,000 \\ Retained earnings & $580 , 000 \\ Total stockholders' equity & $595 , 000 \\ \hline \end{tabular} If two years' preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $14 , 900 , ompute the total amount paid to (a) preferred shareholders and ( b ) common shareholders