Details about a company's current and contingent liabilities appear in a number of places in the annual report. Use Target's financial statements to answer the following questions. Required 1. Give the breakdown of Target's current liabilities at January 29, 2000. Give the February 2000 entry to record the payment of accounts payable that Target owed at January 29, 2000. 2. How much was Target's long-term debt at January 29, 2000? Of this amount, how much was due within one year? How much was payable beyond one year in the future? 3. The balance sheet lists a $318 million liability for "Income Taxes Payable." Was income tax expense for the year, as reported on the income statement, equal to, less than, or greater than this amount? Why is one amount greater than the other? 4. Locate Target's report of its contingent liabilities. What event caused Target's contingent liabilities?