The pretax financial income (or loss) figures for larkspur company are as follows.
2012 $173,000
2013 246,000
2014 82,000
2015 (173,000 )
2016 (376,000 )
2017 128,000
2018 105,000
pretax financial income (or loss) and taxable income (loss) were the same for all years involved. assume a 45% tax rate for 2012 and 2013 and a 40% tax rate for the remaining years.
prepare the journal entries for the years 2014 to 2018 to record income tax expense and the effects of the net operating loss carrybacks and carryforwards assuming larkspur company uses the carryback provision. all income and losses relate to normal operations. (in recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.)

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.

In line with other previous and contemporaneous proposals, in 1912 the meteorologist  alfred wegener  amply described what he called continental drift, expanded in his 1915 book the origin of continents and oceans and the scientific debate started that would end up fifty years later in the theory of plate tectonics.