Pawprints Paint recently went public in a best efforts offering. The company offered 180,000 shares of stock for sale at an offer price of $30 per share. The administrative costs associated with the offering were $420,000 and the underwriter's spread was 7 percent. After completing their sales efforts, the underwriters determined that they sold a total of 173,700 shares. What were the net proceeds to the company?

Multiple Choice

• $4,602,000

• $4,182,000

• $4,846,230

• $4,006,230

• $4,426,230