Pawprints Paint recently went public in a best efforts offering. The company offered 135,000 shares of stock for sale at an offer price of $21 per share. The administrative costs associated with the offering were $375,000 and the underwriter's spread was 8 percent. After completing their sales efforts, the underwriters determined that they sold a total of 130,100 shares. What were the net proceeds to the company?

• $2,138,532

• $1,858,200

• $2,513,532

• $1,763,532

• $2,233,200