A v P8-38. Analyzing PPE Accounts and Recording PPE Transactions, Including Discontinued Operations The 2014 and 2013 income statements and balance sheets (asset section only) for Target Corporation follow, along with its footnote describing Target's accounting for property and equip- ment. Target's cash flow statement for fiscal 2014 reported capital expenditures of $1,786 million and disposal proceeds for property and equipment of $95 million. No gain or loss was reported on property and equipment disposals. In addition, Target acquired property and equipment through non-cash acquisitions not reported on the statement of cash flows. (Note some numbers were added to make the disclosure complete.) Consolidated Statements of Operations ($ millions) 2014 2013 2012 Sales . . . .. $72,618 $71,279 $71,960 Credit card revenues (341 Total revenues . 72,618 71,279 73,301 Cost of sales. .. ... . . ... 51,278 50,039 50,568 Selling, general and administrative expenses 14,676 14,465 14,643 Credit card expenses. .. 467 Depreciation and amortization .. .... 2,129 1,996 2,044 Gain on receivables transaction. .. . . . ... (391 (161) Earnings from continuing operations before interest expense and income taxes . . . .. .. . 4,535 5,170 5,740 Net interest expense . .. . .. . 882 1,049 684 Earnings from continuing operations before income taxes . . . . . . . . . .. 3,653 4,121 5,056 Provision for income taxes. . . . . . . . ... 1,204 1,427 1,741 Net earnings from continuing operations . 2,449 2,694 3,315 Discontinued operations, net of tax. .. ... .. . (4,085) (723) (316) Net (loss)/earnings....... . .. .. . ... .. $ (1,636) $ 1,971 $ 2,999 ds [ English (United States)