Ravine Corporation purchased 40 percent ownership of Valley Industries for $125.200 on January 1, 20X6, when Valley had capital stock of $257,000 and retained earnings of $56,000. 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 20x6 through 2009: Dividends Declared Operating Inco Net Income Year Havine Corporation Valley Industries Ravine Valley 20x6 $150,000 $33,00 $ 71,000 $23,000 20x2 85,000 53,000 71,00 43,000 225,000 10,000 91.000 48,000 170,000 43,000 101,00 23.000 2ex 2029 Required: 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. b-2. Give all appropriate Journal entries for 20X8 that Ravine would make if it uses the equity method. Complete this question by entering your answers in the tabs below. Required A Required 31 Required 82 Glve all appropriate Journal entries for 20X8 that Ravine would make if it uses the equity method. ho entry is required for a transaction event select "No journal entry required in the stoccount feld