Wexford Industries Offers 60,000 Shares of Common Stock to the Public

Wexford Industries offers 60,000 shares of common stock to the public in an initial public offering (IPO) . The underwriters agree to pay $35 a share and to provide their services in a best efforts underwriting. The offer price is set at $39. After completing their sales efforts the underwriters determine that they were able to sell a total of 48,250 shares. How much cash did Wexford Industries receive from their IPO?

A) $1,688,750
B) $1,703,250
C) $1,881,750
D) $2,100,000
E) $2,340,000