During the current year, Compton Crate Corporation purchased all of the outstanding common stock of Little Lacy, paying $60 million in cash. Compton recorded the assets acquired as follows: Accounts receivable $5,500,000; Inventory $18,000,000; PP&E $45,500,000; and Goodwill $22,000,000. The book value of the assets and owner’s equity before the acquisition were $50 million and $30 million, respectively. Compute the fair value of the liabilities that Compton assumed in the acquisition.
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