Question
In its Analysis of Financial Condition: New Accounting Pronouncements, Targets financial statements for the year ended February 3, 2018, the company indicates that In February
In its Analysis of Financial Condition: New Accounting Pronouncements, Targets financial statements for the year ended February 3, 2018, the company indicates that In February 2016, the FASB issued ASU No. 2016-02, Leases, to require organizations that lease assets to recognize the rights and obligations created by those leases on the balance sheet. The new standard is effective in 2019. Refer to Note 22: Leases. New lease accounting guidance requires companies to record a right-of-use asset and a lease liability for all leases, with the exception of short-term leases, at present value. If Target had used the new lease accounting guidance in its fiscal 2017 (February 3, 2018) financial statements, what would be the amount reported as a liability for its leases, operating and capital (finance) combined
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