Target Corporation prepares its financial statements according to U

$.$

S

$.$

$$GAAP$.$ Target

$$

s financial statements and disclosure notes for the year ended February

$1$

$,$

$2$

$0$

$2$

$0$

$,$

$$are available here. This material also is available under the Investor Relations link at the company

$$

s website

$($

www

$.$

target.com

$)$

$.$

$$Target refers to its Shareholders

$$

$$Equity as Shareholders

$$

$$Investment$.$

Required:

Note

$2$

$0$

$,$

$$

Share Repurchase,

$$

$$provides the information we need to reconstruct the journal entry that summarizes Target

$$

s share repurchases in the year ended February

$1$

$,$

$2$

$0$

$2$

$0$

$.$

$$Provide that entry.

Record the repurchase of

$1$

$6$

$.$

$0$

$$million shares using information from Note

$2$

$0$

$,$

$"$Share Repurchase".

Does Target account for share repurchases as

$($

a

$)$

$$treasury stock or

$($

b

$)$

$$retired shares?