Pawprints Paint recently went public in a best efforts offering. The company offered 185,000 shares of stock for sale at an offer price of $31 per share. The administrative costs associated with the offering were $425,000 and the underwriter's spread was 8 percent. After completing their sales efforts, the underwriters determined that they sold a total of 178,700 shares. What were the net proceeds to the company? Multiple Choice ) $4,671,524 ) $4,426.200 O $5,096,524 o C ARM200