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 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 balance sheet with the list in Note 10. What are the estimated useful lives for recording depreciation? Is land listed in Note 10 (yes/no)?
2. In Note 10, 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. In Note 10, how does Target record repairs and maintenance expense?
4. In Note 10, does Target report any impairment of property and equipment for the year ended February 1, 2020? If so, what was the amount and what were the reasons for the impairments?
5. From Notes 11 and 12, were any impairments related to intangible assets recorded for the year ended February 1, 2020? If so, what was the amount and what were the reasons for the impairments?