Target Corporation prepares its financial statements according to U.S. 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. 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 depreciable 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 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 Torget didn't record an adjusting entry for prepaid expenses? Complete this question by entering your answers in the tabs below. Reg 1 Req2 Reg 3A Reg 38 Reg 30 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 depreciable assets were sold during the year, prepare an adjusting entry to record Target's depreciation for the year. (ir no entry is required for a transaction/event, select "No journal entry required in the first account held, Enter your answers in millions, not in dollars (ie, 10,000,000 should be entered as 10).) Show less View transaction list Journal entry worksheet 1 Record the adjusting entry for depreciation for the year 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 depreciable assets were sold during the year, prepare an adjusting entry to record Target's depreciation for the year. (If no entry is required for a transaction/event, select "No journal entry required in the first account field Enter your answers in millions, not in dollars (.e., 10,000,000 should be entered as 10)) Show less View transaction list Journal entry worksheet ferences Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req 3A Reg 38 Reg 30 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 the year ended February 3, 2018. How much cash did Target pay for insurance coverage during the year? (Enter your answers in millions, not in dollars (6., 10,000,000 should be entered as 10).) Show less Cash paid for insurance coverage million 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 the year ended February 3, 2018. Prepare the adjusting entry Target would make to record all insurance expense for the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet Record the adjusting entry for expired insurance coverage and reduce the unexpired coverage to $181. Note Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal 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 seling, general, and administrative expenses reported in the income statement for the year ended February 3, 2018. What would be the effect on the income statement and balance sheet if Target didn't record an adjusting entry for prepaid expenses? Show less Failure to record an adjusting entry for prepaid expenses would cause expenses to be and thus net income to be It would also cause the Balance Sheet. Assets and Shareholders' Equity to be