On May 1, Donovan Company reported the following account balances:Current assets . . . . . . . . . . . . $ 90,000Buildings & equipment (net) . 220,000Total assets . . . . . . . . . . . .. . $310,000Liabilities . . . . . . . . . . . . . . . . $ 60,000Common stock . . . . . . . . . . . . . 150,000Retained earnings . . . . . . . . . 100,000Total liabilities and equities . $310,000On May 1, Beasley paid $400,000 in stock (fair value) for all of the assets and liabilities of Donovan, which will cease to exist as a separate entity. In connection with the merger, Beasley incurred $15,000 in accounts payable for legal and accounting fees. Beasley also agreed to pay $75,000 to the former owners of Donovan contingent on meeting certainrevenue goals during the following year. Beasley estimated the present value of its probability adjustedexpected payment for the contingency at $20,000. In determining its offer, Beasley noted the following:∙ Donovan holds a building with a fair value $30,000 more than its book value. ∙ Donovan has developed unpatented technology appraised at $25,000, although is it not recordedin its financial records.∙ Donovan has a research and development activity in process with an appraised fair value of$45,000. The project has not yet reached technological feasibility.∙ Book values for Donovan’s current assets and liabilities approximate fair values. What should Beasley record as total liabilities incurred or assumed in connection with the Donovan merger?