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High Mountain Gear issued 2 0 0 , 0 0 0 shares of stock last week. The underwriters charged a spread of 4 . 8

High Mountain Gear issued 200,000 shares of stock last week. The underwriters charged a spread of 4.8 percent in exchange for agreeing to a firm commitment. The legal and accounting fees were $239,194. The company incurred $34,691 in indirect costs. The offer price was $15 a share. Within the day of of trading, the stock was selling for $21.3 a share. What was the flotation cost?

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