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Analyzing PPE Accounts and Recording PPE Transactions, Including Discontinued The 2014 and 2013 income statements and balance sheets (asset section only) for Target Corporation follow, along with its footnote describing Target's accounting for property and equip- ment. Target's cash flow statement for fiscal 2014 reported capital expenditures of $1,786 million Wat earnings from continuing operations... Discontinued operations, net of tax.. Earnings from continuing operations before LO and disposal proceeds for property and equipment of $95 million. No gain or loss was reported on property and equipment disposals. In addition, Target acquired property and equipment through non-cash acquisitions not reported on the statement of cash flows. (Note some numbers were added to make the disclosure complete.) - 2013 $71,279 Tet Consolidated Statements of Operations $ millions) 2014 Sales.... $72,618 Credit card revenues Total revenues 72,618 Cost of sales... 51,278 Selling, general and administrative expenses 14,676 Credit card expenses. Depreciation and amortization. 2,129 Gain on receivables transaction. Earnings from continuing operations before interest expense and income taxes. 71,279 50,039 14,465 2012 $71,960 1,341 73,301 50,568 14,643 467 2,044 (161) 1,996 (391) 4,535 882 5,170 1,049 5,740 684 Net interest expense income taxes Provision for income taxes. 3,653 1,204 2,449 (4,085) $ (1,636) 4,121 1,427 2,694 (723) $ 1,971 5,056 1,741 3,315 (316) $ 2,999 Net lossearrings V. Impairments and write-downs (Assume that impairments and write-downs reduce property and equipment account, rather than increasing accumulated depreciation) b. Estimate the amount of property and equipment that was acquired through on- February 1, 2014 $ 670 8.278 799 1.832 11.573 Consolidated Statements of Financial Position (Asset Section Only) January 31, 2015 (5 millions) Assets Cash and cash equivalents, including short-term investments of $ 2.210 $1,520 and $3. 8,790 Inventory. 1,333 Assets of discontinued operations. 1,754 Other current assets. 14,087 Total current assets Property and equipment 6,127 Land ..... Buildings and improvements 26,614 Fixtures and equipment 5,346 Computer hardware and software 2,553 Construction-in-progress 424 Accumulated depreciation (15,106) Property and equipment, net 25,958 Noncurrent assets of discontinued operations 5,461 Other noncurrent assets. 917 1.107 Total assets.. $41,404 $44,553 6,143 25.984 5,199 2,395 757 (14,066 26.412 12. Property and Equipment Property and equipment is depreciated using the straight-line method over estimated useful lives or lease terms if shorter. We amortize leasehold improvements purchased after the beginning of the initial lease term 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 experte for 2014, 2013 and 2012 was $2,108 million, $1,975 million and $2,027 million, respectively. For income tax purposes, accelerated depreciation methods are generally used. Repair and maintenance costs are expensed as incurred and were $715 million in 2014, 8643 million in 2013, and $650 in 2012. Facility pre-opening costs, including supplies and payroll, are expensed as incurred. 2-15 2-7 Estimated Useful Lives Life (in years Buildings and improvements 8-39 Fixtures and equipment Computer hardware and software Long-lived assets are reviewed for impairment when events or changes in circumstances, such as a deci sion to relocate or close a store or make significant software changes, indicate that the asset's carry value may not be recoverable. For asset groups classified as held for sale, the carrying value is compared to the tat value less cost to sell. We estimate far value by obtaining market appraisals, valuations for third party brokers or other valuation techniques 2014 2013 2012 $108 16 $124 Impairments (5 millions) Impairments included in segment SGSA Urallocated impairments Total impairments REQUIRED Prepare journal entries to record the following for 2014: 1. Depreciation expense il Capital expenditures wi. Disposal of property, plant, and equipment iv. Repair and maintenance costs $58 19 $77 $37 transactions