Raphael Corporation’s balance sheet shows the following stockholders’ equity section…. 1 answer below »

 
   

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Raphael Corporation's 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 120,000 Retained earnings 390,000
Total stockholders' equity $595,000