Razz Corporation's common stock is currently selling on a stock exchange at $175 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 300,000
- Total stockholders' equity $ 525,000
What are the par values of the corporation's preferred stock and its common stock? (Omit the "$" sign in your response.)
Par value
Corporation's preferred stock $ __________
Corporation's common stock $ __________