Thank you for the detailed instructions @DanWade.
I have tried this again and had no success at first, but then realised it worked when I applied the 'extract' command from the Model Space, not the Layout Space. Thank you!
However, you have not mentioned this step:
When I right-click on the map layer and select 'extract', I am prompted to save a .png file.
Is it necessary to do this? If so, where is the best place to save this png? Will the software need to access this file at all, or can it be deleted right after saving?