Ravine Corporation purchased 30 percent ownership of Valley Industries for $87,300 on January 1, 20X6, when Valley had capital stock of $248,000 and retained eamings of $43,000. The following data were reported by the companies for the years 20X6 through 20X9: Dividends Declared Year 20X6 20x7 20x8 20X9 Operating Income, Ravine Corporation $150,000 99,000 220,000 170,000 Net Income, Valley Industries $47,000 67,000 10,000 57,000 Ravine $ 72,000 72,000 92,000 102,000 Valley $37,000 57,000 40,000 37,000 Required: a. What net income would Ravine Corporation have reported for each of the years, assuming Ravine accounts for the intercorporate investment using the cost method and the equity method? Net Income Cost Method Equity Method Year 20X6 20x7 20x8 20x9 b-1. Give all appropriate journal entries for 20x8 that Ravine made under the cost method. (If no ontry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the dividend received from Valley Industries under the cost method. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal b-2. Give all appropriate journal entries for 20x8 that Ravine made under the equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet