Ravine Corporation purchased 30 percent ownership of Valley Industrles for $91,500 on January 1, 20x 6 , when Valtey had capiral 510ck of $250,000 and retained earnings of $55,000. During the period of January 1, 20x6, through December 31,209, the market value of Ravine's investment in Valley's stock increased by $11,000 each year. The following data were reported by the companies 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 carrying the investment at fair value, or by using the equity method? b-1. Give all appropriate journal entries for 208 that Ravine would make if it carries the investment at fair value. b.2. Give all appropilate journal entres for 208 that Ravine would make if it uses the equity 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