Ravine corporation purchased 30 percent ownership of valley industries for $90,000 on january 1, 20x6, when valley had capital stock of $240,000 and retained earnings of $60,000. the following data were reported by the companies for the years 20x6 through 20x9: dividends declared year operating income, ravine corporation net income, valley industries ravine valley 20x6 $ 140,000 $ 30,000 $ 70,000 $ 20,000 20x7 80,000 50,000 70,000 40,000 20x8 220,000 10,000 90,000 40,000 20x9 160,000 40,000 100,000 20,000 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? b-1. give all appropriate journal entries for 20x8 that ravine made under the cost method. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)