Required: 1. Refer to Target's balance sheet for the years ended February 3, 2018, and January 28, 2017. Based on the aniwins reported for accumulated depreciation, and assuming no depreciable assets were sold during the year, prepare an adjusting entry to record Target's depreciation for the year. 2. Refer to Target's statement of cash flows for the year ended February 3. 2018. Assuming your answer to requirement 1 includes all depreciation expense recognized during the year, how much amortization expense was recognized during the year? 3. 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 $14.248 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 prepald expenses? Complete this question by entering your answers in the tabs below. 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 $14,248 million of selling, general, and administrative expenses reported in the income statement for the year ended February 3, 2018. How much cash did rarget pay for insurance coverage during the yean? (Enter your answers in millions, not in dollars (h.e., 10,000,000 should be entered as 10).) Journal entry worksheet Record the adjusting entry for expired insurance coverage and reduce the unexpired coverage to $181. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. 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 514,248 million of soliling, general, and administrative expenses reported in the income statement for the year ended Fobruary 3, 2018. What would be the effect on the income statement and balance sheet if Target didn't record an adjusting entry for prepaid expenses? Consolldated Statements of Operations See accompanying Noles to Consolidaled Financial Statements. Consolidated Statements of Comprahensive Income See accompanying Notes to Consolidated Financial Statements. Property and equipment Liabilities and shareholders' investment Accounts payable Accrued and other current liabilities \begin{tabular}{rrr} $8,677 & 7,252 \\ \hline 4,254 & 3,737 \\ 270 & 1,718 \\ \hline 13,201 & 12,707 \\ 11,317 & 11,031 \\ 713 & 861 \\ 2,059 & 1,879 \\ \hline 14,089 & 13,771 \end{tabular} Current portion of long-term debt and other borrowings Total current liabilities Long-term debt and other borrowings Deferred income taxes Other noncurrent liabilities Total noncurrent liabilities Shareholders' investment Common stock Additional paid-in capital Retained eamings Accumulated other comprenensive loss Total shareholders' investment Total liabilities and shareholders' investment \begin{tabular}{rr} 45 & 46 \\ 5.858 & 5.661 \\ 6.553 & 5.884 \\ \hline \end{tabular} ahares issued and cutstanding at Jaruary 28, 2017
