Ravine Corporation purchased $40$ percent ownership of Valley Industries for $$114,800$ on January $1,20$X$6,$ when Valley had capital stock of $$242,000$ and retained earnings of $$45,000.$ During the period of January $1,20$X$6,$ through December $31,20$X$9,$ the market value of Ravine's investment in Valley's stock increased by $$10,000$ each year. The following data were reported by the companies for the years $20$X$6$ through $20$X$9$:

Operating Income, Ravine Corporation Net Income, Valley Industries Dividends Declared

Ravine Valley

$20$X$6$ $ $146,000$ $ $35,000$ $ $89,000$ $ $25,000$

$20$X$797,00055,00089,00045,000$

$20$X$8223,00010,000109,00040,000$

$20$X$9166,00045,000119,00025,000$