ABC Company has decided to take its company public by offering a total of 80,000 shares of common stock to the public in an initial public offering (IPO). ABC has hired an underwriter who arranges a full commitment underwriting and suggests an offer price of $32 a share with a 9% spread. As it turns out, the underwriters only sell 68,500 shares. How much cash will ABC receive from the IPO? $1,994,720 $2,329,600 $1,840,400 $2,192,000 $2,560,000