ALC wants to finance its expansion into new markets and has decided to sell 124,650 new shares of equity. The offer price will be $21 per share, the accounting and legal fees are expected to be $537,911, and the company's underwriters will charge a spread of 7.6 percent. How much will ALC received in net proceeds?

High Mountain Gear issued 200,000 shares of stock last week. The underwriters charged a spread of 3.7 percent in exchange for agreeing to a firm commitment. The legal and accounting fees were $233,941. The company incurred $30,543 in indirect costs. The offer price was $16 a share. Within the day of of trading, the stock was selling for $20 a share. What was the flotation cost?