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Ravine Corporation purchased 40 percent ownership of Valley Industries for $122,800 on January 1, 20X6, when Valley had capital stock of $258,000 and retained earnings of $49,000. During the period 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 companies for the years 20x6 Dividends Declared Year 20X6 20x7 20X8 20X9 Operating Income, Ravine Corporation $156,000 87,000 233,000 176,000 Net Income, Valley Industries $43,000 63,000 10,000 53,000 Ravine $ 86,000 86,000 106,000 116,000 Valley $33,000 53,000 40,000 33,000 a. 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? b-1. Give all appropriate journal entries for 20X8 that Ravine would make if it carries the investment at fair value. intercorporate investment either by carrying the investment at fair value, or by using the equity method? b-1. Give all appropriate journal entries for 20X8 that Ravine would make if it carries the investment at fair value. b-2. Give all appropriate journal entries for 20X8 that Ravine would make if it uses the equity method. Net Income Year Fair Value Equity Method 20X6 20X7 20X8 20X9