Security Brokers Inc. completed a firm commitment underwriting for Beedles Inc. The terms were as follows:

Price to public                                          $12 per share

Number of shares                                    5 million

Proceeds to Beedles                               $57,000,000 

The out-of-pocket expenses incurred by Security Brokers in the design and distribution of the issue were $800,000. What profit or loss would Security Brokers incur if the issue were sold to the public at an average price of 

a. $12 per share?

b. $13 per share?

c. $11 per share?