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

Question:

Target prepares its according to U.S. GAAP. Target's and disclosure notes for the year ended January 30, 2016, are available in Connect. This material is also available under the Investor Relations link at the company's website (www.target.com).
Required:
1. Compare the property and equipment listed in the with the list in Note 14. What are the estimated useful lives for recording depreciation? Why is land not listed in Note 14?
2. Which depreciation method does Target use for property and equipment for financial reporting? Which depreciation method is used for tax purposes? Why might these methods be chosen?
3. How does Target record repairs and maintenance expense?
4. How does Target account for impairment of property and equipment? Were any impairments recorded for the year ended January 30, 2016? If so, what was the amount and what were the reasons for the impairments?
5. From Notes 15 and 16, what was the amount of for the year ended January 30, 2016? Were any impairments related to recorded for the year ended January 30, 2016? If so, what was the amount and what were the reasons for the impairments?
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