As part of a business combination, a company acquireda customer list and a franchise agreement. The company uses the expected cash flow approach for estimating the fair value of these intangibles. The appropriate interest rate is 8%. The potential future cash flows from the two intangibles, and their associated probabilities, are as follows: Customer List: at the end of each year for five at the end of each year for four the end of each year for three Franchise Agreement: at the end of each year for 10 at the end of each year for four the end of each year for three Outcome 1 Outcome 2 Outcome 3 20% probability of cash flows of $40,000 30% probability of cash flows of $18,000 50% probability of cash flows of $9,000 at years years years Outcome l Outcome 2 Outcome 3 10% probability of cash flows of $450,000 20% probability of cash flows of $12,000 70% probability of cash flows of $500 at ycars years years Using the expected cash flow approach, estimate the fair value of the customer list and of the franchise agreement