Target Corporation prepares its financial statements according to U.S. GAAP. Targets 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 companys website (www.target.com). Required: 1. Refer to Targets balance sheet for the years ended February 3, 2018, and January 28, 2017. Based on the amounts reported for accumulated depreciation, and assuming no depreciable assets were sold during the year, prepare an adjusting entry to record Targets depreciation for the year. 2. Refer to Targets 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 Targets 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 didnt record an adjusting entry for prepaid expenses?