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Pawprints Paint recently went public in a best efforts offering. The company offered 1 1 5 , 0 0 0 shares of stock for sale

Pawprints Paint recently went public in a best efforts offering. The company offered 115,000 shares of stock for sale at an offer price of $47 per share. The administrative costs associated with the offering were $355,000 and the underwriter's spread was 8.5 percent. After completing their sales efforts, the underwriters determined that they sold a total of 110,100 shares. What were the net proceeds to the company?
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$4,024,851
$4,379,851
$4,590,575
$4,734,851
$4,235,575
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