Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosur notes for the year ended February 3, 2018, are avallable here. This material also is available under the Investor Relations link at the company's website (wwwtarget. com). Required: 1. Refer to Target's balance sheet for the years ended February 3, 2018, and January 28, 2017. Based on the amounts reported for accumulated depreciation, and assuming no depreclable 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 theye ended February 3, 2018. How much cash did Target pay for insurance coverage during the year? Prepare the adjusting entry Targer 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 prepaid expenses? Complete this question by entering your answers in the tabs below. Journal entry worksheet Record the adjusting entry for depreciation for the year. Note: Enter debits before credits. Required: 1. Refer to Target's balance sheet for the years ended February accumulated depreciation, and assuming no depreciable asset: 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 requir incmt 1 includes al 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 insurand 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 prepaid expenses? Complete this question by entering your answers in the tabs below. 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? Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosur notes for the year ended February 3, 2018, are avallable here. This material also is available under the Investor Relations link at the company's website (wwwtarget. com). Required: 1. Refer to Target's balance sheet for the years ended February 3, 2018, and January 28, 2017. Based on the amounts reported for accumulated depreciation, and assuming no depreclable 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 theye ended February 3, 2018. How much cash did Target pay for insurance coverage during the year? Prepare the adjusting entry Targer 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 prepaid expenses? Complete this question by entering your answers in the tabs below. Journal entry worksheet Record the adjusting entry for depreciation for the year. Note: Enter debits before credits. Required: 1. Refer to Target's balance sheet for the years ended February accumulated depreciation, and assuming no depreciable asset: 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 requir incmt 1 includes al 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 insurand 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 prepaid expenses? Complete this question by entering your answers in the tabs below. 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