Raphael Corporation’s common stock is currently selling on a stock exchange at $157 per share, and its current balance sheet shows the following stockholders’ equity section: Preferred stock—5% cumulative, $___ par value, 1,000 shares authorized, issued, and outstanding $ 85,000 Common stock—$___ par value, 4,000 shares authorized, issued, and outstanding 140,000 Retained earnings 350,000 Total stockholders’ equity $ 575,000 2. What are the par values of the corporation's preferred stock and its common stock?