Problem 13.21

Deere and Bros. is a broker that brings new issues of small firms to the public market. Its most recent deal for Dextra, Inc., had the following characteristics:

Number of shares:		1,000,000
Proceeds to Dextra:		13,260,000
Price to public:		$16	per share

The legal fees were $152,000, printing costs were $58,000, and all the other expenses were $71,000. What is the profit or loss for Deere and Bros.?

Profit / (Loss)

$