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From the income statement, determine the income tax expense for the year ended February 3, 2018. Tie that number to the second table in Note

From the income statement, determine the income tax expense for the year ended February 3, 2018. Tie that number to the second table in Note 23, “Provision for Income Taxes” and prepare a summary journal entry that records Target’s income tax from continuing operations. (Note that your summary journal entry should only have 3 accounts total.)

Feb. 03, 2018
Jan. 28, 2017
Jan. 30, 2016

Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Income Statement [Abstract]



Sales
$ 71,879 $ 69,495 $ 73,785
Cost of sales (a) [1] 51,125 49,145 52,241
Gross margin
20,754 20,350 21,544
Selling, general and administrative expenses
14,248 13,356 14,665
Depreciation and amortization (exclusive of depreciation included in cost of sales) [1] 2,194 2,025 1,969
Gain on sale
0 0 (620)
Earnings from continuing operations before interest expense and income taxes
4,312 4,969 5,530
Net interest expense
666 1,004 607
Earnings from continuing operations before income taxes
3,646 3,965 4,923
Provision for income taxes
718 1,296 1,602
Net earnings from continuing operations
2,928 2,669 3,321
Discontinued operations, net of tax
6 68 42
Net earnings
$ 2,934 $ 2,737 $ 3,363
Basic earnings per share



Continuing operations (in dollars per share)
$ 5.35 $ 4.62 $ 5.29
Discontinued operations (in dollars per share)
0.01 0.12 0.07
Net earnings/(loss) per share (in dollars per share)
5.36 4.74 5.35
Diluted earnings per share



Continuing operations (in dollars per share)
5.32 4.58 5.25
Discontinued operations (in dollars per share)
0.01 0.12 0.07
Net earnings/(loss) per share (in dollars per share)
$ 5.33 $ 4.70 $ 5.31
Weighted average common shares outstanding



Basic (in shares)
546.8 577.6 627.7
Dilutive effect of share-based awards (in shares)
3.5 4.9 5.2
Diluted (in shares)
550.3 582.5 632.9
Antidilutive shares (in shares)
4.1 0.1 0.0
Dividends declared per share (in dollars per share)
$ 2.46 $ 2.36 $ 2.20

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