Current Attempt in Progress Cullumber Repairs Ltd. has several minor lawsuits outstanding on December 31, 2019. To determine the amount of liability to recognize on the statement of financial position, Cullumber decides to use expected cash flow techniques. Based on discussions with the company's lawyers, Cullumber estimates the expected cash outflows associated with the lawsuits, as shown below. Cash Flow Estimate Probability Assessment Expected Cash Flow X = 2020 $ 4,100 60% $ 2,460 7,600 40% 3,040 Total $ 5,500 2021 $ 5,100 30% $ 1,530 7,600 60% 4,560 9,100 10% 910 Total $7,000 Calculate the present value of the lawsuits assuming a risk-free rate of 4% and cash flows occurring at the end of the year. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answer to 2 decimal places, e.g. 5,275.25.) Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Present value $