Bellex Technologies agreed to complete its IPO on a best-effort basis. The companys investment bank demanded a spread of 6 percent of the offer price, which was set at $26.90 per share. Three million shares were issued; however, the bank was overly optimistic and eventually was able to sell all of the stock for only $25.90 per share. What were the proceeds for the issuer and the underwriter?

Proceeds to issuer		$
Proceeds to underwriting		$