Becker Brothers is the managing underwriter for a 1.65-million-share issue by Jay's Hamburger Heaven. Becker Brothers is "handling" 10 percent of the issue. Its price is exist22 per share and the price to the public is exist24.50. Becker also provides the market stabilization function. During the issuance, the market for the stock turned soft, and Becker is forced to purchase 75,000 shares in the open market at an average price of exist23.00. They later sell the shares at an average value of exist22.50. Compute Becker Brothers' overall gain or loss from managing the issue. (Do not round intermediate calculations and round your answer to the nearest whole dollar.)