On January 2, 2015, Winstead & Company purchased 1,000,000 shares of the Secrest Company for \($32\) million. The investment represented 40 percent of the outstanding common shares of The Secrest Company. During 2015, Secrest reported net earnings of \($1.05\) per share and paid a cash dividend of \($0.35\) per share. During 2016, Secrest reported net earnings of \($1.50\) per share and paid a cash dividend of \($0.40\) per share. Calculate the book value of Winstead’s investment in Secrest as of December 31, 2015, and December 31, 2016.