Bakersfield Company reports net income in 2020 of $1,200,000 and in 2021 of $1,400,000. Total holding gains (including any realized holding gain or loss) equal $400,000 in 2021. Instructions: a. Prepare a statement of comprehensive income for 2020, starting with net income. b. Prepare a statement of comprehensive income for 2021, starting with new income.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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