Ravine Corporation purchased 30 percent ownership of Valley Industries for $90,600 on January 1, 20X6, when Valley had capital stock of $245,000 and retalned earnings of $57,000. Durling the perlod of January 1, 20X6, through December 31, 20X9, the market value of Ravine's Investment In Valley's stock Increased by $11,000 each year. The following data were reported by the companles for the years 206 through 209 : Required: a. What net Income would Ravine Corporation have reported for each of the years, assuming Ravine accounts for the Intercorporate Investment elther by carrylng the Investment at falr value, or by using the equity method? b-1. Glve all approprlate Journal entrles for 208 that Ravine would make If It carrles the Irvestment at falr value. b-2 Glve all approprlate Journal entrles for 208 that Ravine would make If it uses the equlty method. Complete this question by entering your answers in the tabs below. What net income would Ravine Corporation have reported for each of the years, assuming Ravine accounts for the intercorporate investment either by carrying the investment at fair value, or by using the equity method