Culver Company owns specialized equipment that was purchased in an acquisition of Riding Company. The equipment has a book value of $1,560,000, but according to IFRS it is assessed for impairment on an annual basis. To perform this impairment test, Culver must estimate the fair value of the equipment. It has developed the following cash flow estimates related to the equipment based on internal information. Each cash flow estimate reflects Culver's estimate of annual cash flows over the next 7 years. The equipment is assumed to have no residual value after the 7 years. (Assume the cash flows occur at the end of each year.) Culver determines, using its own assumptions, that the appropriate discount rate for this estimation is 6%. What is the estimated fair value of the equipment? (Round answer to 0 decimal ploces, es, 5,275. For calculation purposes, use 5 decimal ploces as displayed in the foctor table provided.) Click here to view Table A2 - PRESENT VALUE OF 1-(PRESENT VALUE OF A SINGLESUM) Click here to view Table A.4-PRESENT VALUE OF AN ORDINARY ANNUITYOF 1 Estimated fair value of the equipment