Required information

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

Skip to question

[The following information applies to the questions displayed below.] Raphael Corporations balance sheet shows the following stockholders equity section.

Preferred stock5% cumulative, $___ par value, 1,000 shares authorized, issued, and outstanding	$ 50,000
Common stock$___ par value, 4,000 shares authorized, issued, and outstanding	80,000
Retained earnings	310,000
Total stockholders' equity	$ 440,000

Problem 13-5A (Algo) Part 1

Required: 1. Determine the par values of the corporations preferred stock and its common stock.