Profit or Loss on New Stock Issue

Security Brokers Inc. specializes in underwriting new issues by small firms. On a recent offering of Beedles Inc., the terms were as follows:

Price to public:	$5 per share
Number of shares:	3 million
Proceeds to Beedles:	$14,000,000

The out-of-pocket expenses incurred by Security Brokers in the design and distribution of the issue were $480,000. What profit or loss would Security Brokers incur if the issue were sold to the public at the following average price?

1. $4.75 per share? Use minus sign to enter loss, if any.
2. $6.5 per share? Use minus sign to enter loss, if any.
3. $4.25 per share? Use minus sign to enter loss, if any.