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 $300,000. 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. $5.75 per share? ________ Use minus sign to enter loss, if any.
3. $4.25 per share? ________Use minus sign to enter loss, if any.