Ravine Corporation purchased 40 percent ownership of Valley Industries for $119,200 on January 1, 20X6 when Valley had capital stock of $252,000 and retained earnings of $46,000. The following data were reported by the companies for the years 20X6 through 20X9 Dividends Declared Operating Income Net Income Valley Year Ravine Corporation Valley Industries Ravine 20X6 20X7 20X8 20X9 $143,000 93,000 233,000 163,000 $44,000 64,000 10,000 54,000 $ 72,000 $34,000 72,000 54,000 40,000 102,000 34,000 92,000 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 Year Cost Method Equity Method 20X6 20X7 20X8 20X9