Pinnacle Holdings acquires a 30% stake in Glacier Optics for $54 million. During Year 1, Glacier reports net income of $18 million and pays dividends of $6 million. Pinnacle also sells inventory costing $5 million to Glacier for $8 million; 40% of this inventory remains unsold at year-end. Under IFRS, what is the carrying value of Pinnacle's investment at the end of Year 1?