CFA Level II — Asset Valuation

Oakmont Industries acquired a 35% stake in Ridgeline Corp for $48 million on January 1, 2025. During 2025, Ridgeline reported net income of $20 million and paid dividends of $6 million. Ridgeline's identifiable net assets had a fair value $10 million above book value at acquisition, attributable to equipment with a remaining life of 10 years. Under the equity method, what is the carrying value of Oakmont's investment in Ridgeline at December 31, 2025?