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.)