This case uses both the income statement (statement of income) and the balance sheet of Target Corporation, in Appendix A. It will help you understand the closing process of a business with inventories. Required 1. Journalize Target's closing entries for fiscal year 1999. You may be unfamiliar with cer- tain revenues and expenses, but treat them as either revenues or expenses. Net credit rev- enue is interest revenue. Provision for income taxes is another name for income tax expense and the extraordinary charge is like an expense. Close the Income Summary account to the Retained Earnings account. For this purpose. Retained Earnings is similar to the Owner's Capital account. 2. What amount was closed to Retained Earnings? How is this amount labeled on the income statement? 3. Compute Target's gross prolit percentage and inventory turnover rate for fiscal year 1999.