Required information Problem 11-5A (Algo) Computing par values and dividend allocations LO C2 [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 par value, 4,000 shares authorized, issued, and outstanding Common stock-$ Retained earnings Total stockholders' equity Problem 11-5A (Algo) Part 1 Required: 1. Determine the par values of the corporation's preferred stock and its common stock. Corporation's preferred stock Corporation's common stock Par Value $ 70,000 120,000 400,000 $ 590,000 Required information Problem 11-5A (Algo) Computing par values and dividend allocations LO C2 [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-Spar value, 4,000 shares authorized, issued, and outstanding Retained earnings $70,000 120,000 400,000 Total stockholders' equity $590,000 Problem 11-5A (Algo) Part 2 2. If two years' preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $19,500, compute the total amount paid to (a) preferred shareholders and (b) common shareholders Total amount paid to the preferred shareholders Total amount paid to the common shareholders