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Cambridge Business Publisher ing and Analyzing Long-Term Operating Assets Consolidated Statements of Financial Position (Asset Section Only) February 2, 2019 February 3 2018 $ 1,556 9,497 $ 2, 643 ($ millions) 1,466 8,597 Assets Cash and cash equivalents 12,519 1,300 Inventory. . . . . . . . . . . 12,540 Other current assets. . . . . . . . 6,064 Total current assets. .. 29,240 6,095 Property and equipment 5,912 28, 131 5,623 Land . . . . 2,544 Buildings and improvements. . 460 2,645 Fixtures and equipment . . .. (18,687) 440 Computer hardware and software. (18,398) Construction-in-progress. . . . . . 25,533 Accumulated depreciation. . .. 3,238 24,536 3,227 Property and equipment, net. $41,290 Other noncurrent assets . .. $40,303 Total assets. 11. Property and Equipment Property and equipment is depreciated using the straight-line method over estimated useful lives or legs terms if shorter. We amortize leasehold improvements purchased after the beginning of the initial lease tem over the shorter of the assets' useful lives or a term that includes the original lease term, plus any renewals that are reasonably assured at the date the leasehold improvements are acquired. Depreciation expense for 2018, 2017 and 2016 was $2,460 million, $2,462 million, and $2,305 million, respectively, including of preciation expense included in Cost of Sales. For income tax purposes, accelerated depreciation methods are generally used. Repair and maintenance costs are expensed as incurred. Facility pre-opening costs including supplies and payroll, are expensed as incurred. We review long-lived assets for impairment when events or changes in circumstances-such asa decision to relocate or close a store or distribution center, make significant software changes or discontinue projects-indicate that the asset's carrying value may not be recoverable. We recognized impairment losses of $92 million, $91 million, and $43 million during 2018, 2017, and 2016, respectively. . . . Impairments &: recorded in SG&A Expenses on the Consolidated Statements of Operations. REQUIRED a. Prepare journal entries to record the following for 2018: i. Depreciation expense ii. Capital expenditures iii. Disposal of property, plant, and equipment iv. Impairments and write-downs (Assume that impairments and write-downs reduce property and equipment account, rather than increasing accumulated depreciation. transactions . b. Estimate the amount of property and equipment that was acquired, if any, through non- Reporting PPE Tranor the company? Operations 38. Analyzing FFL Accounts and Recording PPE Transactions, Including Discontinued LO4 The 2018 and 2017 income statements and balance sheets (asset section only) for Target Corporation follow, along with its footnote describing Target's accounting for property and equipment. Target s Targ cash flow statement for fiscal 2018 reported capital expenditures of $3,516 million and disposal proceeds for property and equipment of $85 million. No gain or loss was reported on property and equipment disposals. In addition, Target acquired property and equipment through non-cash acqui- sitions not reported on the statement of cash flows. Consolidated Statements of Operations ($ millions) 2018 2017 Sales. . . $74,433 $71,786 Other revenue. . 923 928 Total revenues . . 75,356 72,714 Cost of sales. ..... 53,299 51,125 Selling, general and administrative expenses 15,723 15,140 Depreciation and amortization . . 2,224 2,225 Operating income . .. 4, 110 4,224 Net interest expense.. 461 653 Other (income) expense . (27) (59) Earnings from continuing operations before income taxes. 3,676 3,630 Provision for income taxes . . . 746 722 Net earnings from continuing operations 2,930 2,908 Discontinued operations, net of tax . . . 6 Net (loss )/earnings . ........ $ 2,937 $ 2,914