11. Kim Company bought 50% of the shares of Phelps, Incorporated, at the start of 2024. Kim paid $17 million for the shares. Fifty percent of the book value of Phelpss net assets is $10 million, and the difference of $7 million is due to land that Phelps owns that has appreciated in value. During 2024, Phelps reported net income of $5 million and paid a cash dividend of $4.1 million.

At what amount does Kim carry the Phelps investment on its balance sheet as of December 31, 2024?