Target Case $($Static$)[$L$015-2,15-4]$

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 here. This material is also available under the Investor Relations link at the company's website $($

www$.$target.com$).$

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

Note $17$ indicates that Target's finance lease liability at February $1,2020$ is $$1,370(=$ $$67$ current $+$$$1,303$ noncurrent$)$ while its finance lease assets are $$1,180.$ Why do the asset and liability amounts differ?

Target's finance lease assets are listed on February $1,2020,$ at $$1,180$ million. What was the original amount recorded for these specific right$-$of$-$use assets when the leases commenced?

Refer to Target's Statement of Cash Flows. Prepare a journal entry that summarizes Target's acquisition of assets by operating lease for the twelve months ended February $1,2020.$

Complete this question by entering your answers in the tabs below.

Target's finance lease assets are listed on February $1,2020,$ at $$1,180$ million. What was the original amount recorded for these specific right$-$of$-$use assets when the leases commenced?

Note: Enter your answer in millions $($i$.$e$.,10,00,000$ should be entered as $10).$

Original amount recorded for right$-$of$-$use assets