Target Corporation prepares its financial statements according to U$.$S$.$ GAAP. Target's financial statements and disclosure notes for the

jear ended February $1,2020,$ are available here. This material also is available under the Investor Relations link at the company's

website $($

www$.$target.com$).$

Required:

From the income statement, determine the income tax expense for the year ended February $1,2020.$ Tie that number to the

second table in disclosure Note $18,$ "Provision for Income Taxes," and prepare a summary journal entry that records Target's tax

expense from continuing operations for the year ended February $1,2020.$

Focusing on the third table in disclosure Note $18,$ "Net Deferred Tax Asset$/($Liability$),"$ calculate the change in net deferred tax

assets or liability. By how much did that amount change?

Target's Note $18$ indicates that $"$We recognized a net tax benefit of $$36$ million and $$372$ million in $2018$ and $2017,$ respectively,

primarily because we remeasured our net deferred tax liabilities using the new lower U$.$S$.$ corporate tax rate." What was the

effect of the tax rate change on $2018$ net income?

What is Target's liability for unrecognized tax benefits as of February $1,2020?$ If Target were to prevail 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?

Complete this question by entering your answers in the tabs below.

From the income statement, determine the income tax expense for the year ended February $1,2020.$ Tie that number to the second

table in disclosure Note $18,$ "Provision for Income Taxes," and prepare a summary journal entry that records Target's tax expense from

continuing operations for the year ended February $1,2020.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in

millions $($i$.$e$.,10,000,000$ should be entered as $10).$

Journal entry worksheet

Record the effect on liability for unrecognized tax benefits.

Note: Enter debits before credits.Target Corporation prepares its financial statements according to U$.$S$.$ GAAP. Target$$s financial statements and disclosure notes for the year ended February $1,2020,$ are available here. This material also is available under the Investor Relations link at the company$$s website $($www$.$target.com$).$

Required:

From the income statement, determine the income tax expense for the year ended February $1,2020.$ Tie that number to the second table in disclosure Note $18,$Provision for Income Taxes,$$ and prepare a summary journal entry that records Target$$s tax expense from continuing operations for the year ended February $1,2020.$

Focusing on the third table in disclosure Note $18,$Net Deferred Tax Asset$/($Liability$),$ calculate the change in net deferred tax assets or liability. By how much did that amount change?

Target$$s Note $18$ indicates that $$We recognized a net tax benefit of $$36$ million and $$372$ million in $2018$ and $2017,$ respectively, primarily because we remeasured our net deferred tax liabilities using the new lower U$.$S$.$ corporate tax rate.$$ What was the effect of the tax rate change on $2018$ net income?

What is Target$$s liability for unrecognized tax benefits as of February $1,2020?$ If Target were to prevail in court and realize $$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?