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Required: Note 17 indicates that Target's finance lease liability at February 1,2020 is $1,370(=...

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Accounting

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.
Answer is complete but not entirely correct.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
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).
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