Use the Target Corporation financial statements in Appendix A to answer the following questions. Required 1. Study Target's income statement, which the company labels "consolidated results of operations. Consolidated means that Target owns other companies. Target reported one "special" item of income on its income statement. What was it, and what was its amount for 1999? Was this special item a gain or a loss? How can you tell? 2. Target's preferred dividends during 1999 were $19 million. Show how Target computed Basic earnings per share of $2.55. 3. The statement of stockholders' equity, which Target labels "consolidated statement of shareholders' investment," gives details of transactions that affected stockholders' equity. Use Target's statement of shareholders' investment to answer these questions:

a. Journalize Target's closing entry for net income of 1999.

b. Journalize Target's declaration of dividends during 1999.

c. How much did Target pay to repurchase its stock during 1999?

d. During 1999, Target issued common stock to its Employee Stock Option Plan (ESOP). Assume Target received cash for the stock it issued. How much cash did Target receive?