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Problem 13-5A (Algo) Computing par values and dividend allocations LO C2

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Raphael Corporations balance sheet shows the following stockholders equity section.

Preferred stock5% cumulative, $___ par value, 1,000 shares authorized, issued, and outstanding	$ 65,000
Common stock$___ par value, 4,000 shares authorized, issued, and outstanding	80,000
Retained earnings	360,000
Total stockholders' equity	$ 505,000

Problem 13-5A (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 $14,750, compute the total amount paid to (a) preferred shareholders and (b) common shareholders.