During the current year, Compton Crate Corporation purchased all of the outstanding common stock of

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.