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Pawprits Paint recently went public in a best efforts offering. The company offered 1 8 5 , 0 0 0 shares of stock for sale

Pawprits 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?

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