Kim Company bought 35% of the shares of Phelps, Inc., at the start of 2018. Kim paid $23 million for the shares. Thirty five percent of the book value of Phelpss net assets is $18 million, and the difference of $5 million is due to land that Phelps owns that has appreciated in value. During 2018, Phelps reported net income of $4 million and paid a cash dividend of $3.6 million. What amount does Kim carry the Phelps investment on its balance sheet as of December 31, 2018? (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).)