Kim Company bought 20% of the shares of Phelps, Inc., at the start of 2021. Kim paid $18 million for the shares. Twenty percent of the book value of Phelps’s net assets is $12 million, and the difference of $6 million is due to land that Phelps owns that has appreciated in value. During 2021, Phelps reported net income of $3 million and paid a cash dividend of $2.6 million. At what amount does Kim carry the Phelps investment on its balance sheet as of December 31, 2021? (Enter your answers in millions rounded to 2 decimal places (i. e., 5,500,000 should be entered as 5.50).)