Kim Company bought 30% of the shares of Phelps, Incorporated, at the start of 2024. Kim paid $27 million for the shares. Thirty percent of the book value of Phelpss net assets is $20 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 $4 million and paid a cash dividend of $3.0 million.

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

Note: Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).