Crane Company owns a trade name that was purchased in an acquisition of Sheridan Company. The trade name has a book value of $3,900,000, but according to IFRS, it must be assessed for impairment on an annual basis. To perform this impairment test, Crane must estimate the fair value of the trade name (using IFRS 13). It has developed the following cash flow estimates related to the trade name based on internal information. Each cash flow estimate reflects Crane's estimate of annual cash flows over the next 9 years. The trade name is assumed to have no residual value after the 9 years. (Assume the cash flows occur at the end of each year.) 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. (a) What is the estimated fair value of the trade name? Crane determines that the appropriate discount rate for this estimation is 9%. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answer to 0 decimal places, e.g. 5,275.) Estimated fair value