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Tyson Iron Works is about to go public. It currently has aftertax earnings of $4,200,000, and 4,100,000 shares are owned by the present stockholders. The new public issue will represent 200,000 new shares. The new shares will be priced to the public at $25 per share with a 4 percent spread on the offering price. There will also be $220,000 in out-of-pocket costs to the corporation.
a. Compute the net proceeds to Tyson Iron Works. (Do not round intermediate calculations and round your answer to the nearest whole dollar.)
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