PLEASE HELP

Kim Company bought 25% of the shares of Phelps, Incorporated, at the start of 2024 . Kim paid $26 million for the shares. Twenty five percent of the book value of Phelps's net assets is $18 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 $6 million and paid a cash dividend of $5.5 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 )