Note 9 provides information on Target's current assets. Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 million of the $16,233 million of selling, general, and administrative expenses reported in the income statement for the year ended February 1, 2020. Prepare the adjusting entry Target would make to record all insurance expense for the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Enter your answers in millions, not in dollars (i.e., 10,000,000 should be entered as 10). Show less A Journal entry worksheet Record the adjusting entry for expired insurance coverage and reduce the unexpired coverage to $154 million. Note: Enter debits before credits. Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended February 1,2020, are available here. This material also is avallable under the Investor Relations link at the company's website (unntargeticom). Required: 1. What amount did Target report for total assets, total liabilities, and total shareholders' equity (labeled 'Shareholders' investment") in the most recent year? Show that the basic accounting equation remains in balance. 2. a. Find sales revenue (labeled "Sales") in the income statement (labeled "Consolidated Statement of Operations") and record sales for the year, assuming all sales were for cash. b. Find total cost of goods sold (labeled "Cost of sales") in the income statement and record the journal entry for cost of goods sold for the year: c. Record inventory purchases for the year, assuming all were on account. (Hint: To calculate the amount of purchases, use a Taccount for inventory and input the beginning and ending balances of inventory from the balance sheet. Input the credit to inventory from requirement 2 (b) and solve for the missing amount to calculate inventory purchases). 3. Note 9 provides information on Target's current assets. Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 milion of the $16,233 million of selling. general, and administrative expenses reported in the income statement for the year ended February 1,2020. 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? 4. a. By how much did retained earnings increase/decrease in the most recent year compared to the previous year? b. Target reduces retained earnings for "Dividends declared" and "Repurchase of stock." These two amounts totaled $2,865 million in the most recent year. Using this amount and your answer in (a), compute Target's net income. Verify your answer by finding net income (labeled "Net earnings") in the income statement. (a) By how much did retained earnings increase/decrease in the most recent year compared to the previous year? (b) Target reduces retained earnings for "Dividends declared" and "Repurchase of stock. "These two amounts totaled $2,865 million in the most recent year. Using this amount and your answer in (a), compute Target's net income. Verify your answer by finding net income (labeled "Net earnings") in the income statement. Note: Enter your answers in millions, not in dollars (1.e., 10,000,000 shoulctibe entered as 10). Complete this question by entering your answers in the tabs below. Note 9 provides information on Target's current assets. Assume all prepaid expenses are for prepaid insurance and that Insurance expense comprises $50 million of the $16,233 million of selling, general, and administrative expenses reported in the income statement for the year ended February 1, 2020. How much cash did Target pay for insurance coverage during the year? Note: Enter your answers in millions, not in dollars (i.e., 10,000,000 should be entered as 10). Note 9 provides information on Target's current assets. Assume all prepaid expepses are for prepaid insurance and that insurance expenise comprises $50 milion of the $16,233 million of selling, general, and administrative expenses reported in the income statement for the year ended february 1, 2020. What would be the effect on the income statement and balance sheet if Target didn't record an adjusting entry for prepaid Complete this question by entering your answers in the tabs below. What amount did Target report for total assets, total liabilities, and total shareholders' equity (labeled "Shareholde investment") in the most recent year? Show that the basic accounting equation remains in balance. Note: Enter your answers in millions, not in dollars (i.e., 10,000,000 should be entered as 10). (a) Find sales revenue (labeled "Sales") in the income statement (Labeled "Consolidated Statement of Operations") and record sales for the year, assuming all sales were for cash. (b) Find total cost of goods sold (labeled "Cost of sales") in the income statement and record the journal entry for cost of goods sold for the year. (c) Record inventory purchases for the year, assuming all were on account. (Hint: To calculate the amount of purchases, use a T-account for inventory and input the beginning and ending balances of inventory from the balance sheet. Input the credit to inventory from requirement 2(b) and solve for the missing amount to calculate inventory purchases). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in mililions, not in dollars (i.e., 10,000,000 should be entered as 10). Show less A Journal entry worksheet Record the sales for the year, assuming all sales were for cash. Note: Enter debits before credits