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, 2009, 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 20X9: Dividends Declared Year 20X6 28x7 20x8 zex Operating Income, Ravine Corporation $150,000 85.000 225,000 170,000 Net Income, Valley Industries $33,000 53,000 10,000 43,000 Ravine $71,900 71,000 91,000 101,000 Valley $23,000 43,000 40,000 23,000 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 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 B1 Required B2 What net income would Ravine Corporation have reported for each of the years, assuming Ravine acc Intercorporate investment either by carrying the investment at fair value, or by using the equity meth Net Income Fair Value Equity Method Year 20X6 20X7 20X8 20X9 Required B