Barnegat Light sold 170,000 shares in an initial public offering. The underwriter's explicit fees were $64,000. The offering price for the shares was $34, but immediately upon issue, the share price jumped to $45. What is the best estimate of the total cost to Barnegat Light of the equity issue?
$1,806,000
$64,000
$1,870,000
$1,934,000