Kim Company bought 50% of the shares of Phelps, Incorporated, at the start of 2024. Kim paid $24 million for the shares. Fifty percent of the book value of Phelpss net assets is $15 million, and the difference of $9 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 $6.3 million. At what amount does Kim carry the Phelps investment on its balance sheet as of December 31, 2024