ack to Assignment Attempts Keep the Highest / 3 1. Problem 18-01 (Profit or Loss on New Stock Issue) eBook Profit or Loss on New Stock Issue Beedles Inc. needed to raise $14 million in an IPO and chose Security Brokers Inc. to underwrite the offering. The agreement stated that Security Brokers would sell 3 million shares to the public and provide $14 million in net proceeds to Beedles. The out-of- pocket expenses incurred by Security Brokers in the design and distribution of the issue were $500,000. What profit or loss would Security Brokers incur if the issue were sold to the public at the following average price? Write out your answer completely. For example, 5 million should be entered as 5,000,000. Round your answers to the nearest dollar, Loss should be indicated by a minus sign. a. $4.75 per share? b. $6 per share? c. $4 per share