Target Case (Static) (L016-2, 16-3, 16-5, 16-8, 16-9) Target Corporation prepares its financial statements according to US GAAP. Target's financial statements and disclosure notes for the year ended February 3, 2018, are available here. This material also is available under the Investor Relations link at the company's website (www.target.com Required: 1. From the income statement, determine the income tax expense for the year ended February 3, 2018. Tie that number to the second table in disclosure Note 23. "Provision for Income Taxes, and prepare a summary oumal entry that records Target's tax expense from continuing operations for the year ended February 3, 2018 2. Focusing on the third table in disclosure Note 23, "Net Deferred Tax Asset Liability calculate the change in net deferred tax assets or liability. By how much did that amount change? To what extent did you account for that change in the journal entry you wrote for the first requirement of this case? List possible causes of any difference 3. Target's Note 23 indicates that in December 2017 the US government enacted the Tax Cuts and Jobs Act tax reform legislation (the Tax Act), which among other matters reduced the U.S. corporate income tax rate from 35 percent to 21 percent effective January We have recorded a provisional $352 million net tox benefit pemany related to the remeasurement of certain deferred to assets and liabilities, including $381 milion of benefit from the new lower rate, partial offset by $29 million of deferred income tax expense from our foreign operations. What's the effect on net income 4. What is Target's ability for unrecognized tax benefits as of February 3, 2018 Target were to prevailin court and realize $50 million more in tax savings than it thought more likely than not to occur what would be the effect on the ability for unrecognized tax benefits and on net income? 2018 Complete this question by entering your answers in the tabs below. 1. NOM come tax rate from 35 percent o 21 percent effective January 2018... We have recorded a provisional $352 million net tax benefit primarily related to the remeasurement of certain deferred tax assets and liabilities, including $381 million of benefit from the new lower rate, partially offset by $29 million of deferred income tax expense from our foreign operations." What's the effect on net income? 4. What is Target's liability for unrecognized tax benefits as of February 3, 2018? If Target were to prevall in court and realize $50 million more in tax savings than it thought more likely than not to occur, what would be the effect on the ability for unrecognized tax benefits and on net income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 What is Target's liability for unrecognized tax benefits as of February 3, 20187 If Target were to prevall in court and realize $50 million more in tax savings than it thought more likely than not to occur what would be the effect on the liability for unrecognized tax benefits and on net income? (Enter your answers in millions (ie, 10,000,000 should be entered as 10).) million Total liability for unrecognized tax benefits Effect on liability Effect on net income