Problem
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. Target refers to its Shareholders' Equity as Shareholders' Investment.
1. Note 25, "Share Repurchase," provides the information we need to reconstruct the journal entry that summarizes Target's share repurchases in the year ended February 3, 2018. Provide that entry and explain.
2. Does Target account for share repurchases as (i) treasury stock or (ii) retired shares?