The Elkmont Corporation needs to raise $51.9 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. The offer price is $35 per share and the companys underwriters charge a spread of 8.5 percent. The SEC filing fee and associated administrative expenses of the offering are $1,459,000. (Enter your answer as directed, but do not round intermediate calculations.)