Note 13 provides information on Target's current assets. Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 million of the $14,665 million of selling, general, and administrative expenses reported in the income statement for the year ended February 3, 2018. How much cash did Target pay for insurance coverage during the year? Prepare the adjusting entry Target would make to record all insurance expense for the year. What would be the effect on the income statement and balance sheet if Target didn't record an adjusting entry for prepaid expenses?