Kim Company bought $35\%$ of the shares of Phelps, Incorporated, at the start of $2024.$ Kim paid $$21$ million for the shares. Thirty five percent of the book value of Phelps$$s net assets is $$13$ million, and the difference of $$8$ million is due to land that Phelps owns that has appreciated in value. During $2024,$ Phelps reported net income of $$7$ million and paid a cash dividend of $$6\mathrm{.}5$ million.

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