View Policies Current Attempt in Progress Ivanhoe's Auto has several minor lawsuits outstanding. To determine the amount of liability to recognize on the December 31, 2022. statement of financial position, Ivanhoe's Auto decides to use expected cash flow techniques. Based on discussions with the company's lawyers, Ivanhoe's Auto estimates the expected cash outflows associated with the lawsuits at the end of each year, as shown below. Cash Flow Estimate Probability x Assessment Expected Cash Flow 2023 $3,700 20% $740 6,300 50% 3,150 7,800 30% 2.340 Total $6,230 2024 $5,300 30% $1,590 7,000 50% 3,500 8,100 20% 1,620 Total $6,710 Assume a risk-free rate of 6% and cash flows occurring at the end of the year. Calculate the present value of the lawsuits. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to 2 decimal places, eg. 5,275.25.) Click here to view Table A.2-PRESENT VALUE OF 1-(PRESENT VALUE OF A SINGLE SUM) Click here to view Table A.4-PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 Present value $