Kim Company bought 40% of the shares of Phelps, Inc., at the start of 2018. Kim paid $22 million for the shares. Forty percent of the book value of Phelpss net assets is $15 million, and the difference of $7 million is due to land that Phelps owns that has appreciated in value. During 2018, Phelps reported net income of $6 million and paid a cash dividend of $5.4 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).)