Reference no: EM132937936

Problem 1: Target's Note 23 indicates that "In December 2017, the U.S. government enacted the Tax Cuts and Jobs Act tax reform legislation (the Tax Act), which among other matters reduced the U.S. corporate income tax rate from 35 percent to 21 percent effective January 1, 2018. . . . We have recorded a provisional $352 million net tax benefit primarily related to the remeasurement of certain deferred tax assets and liabilities, including $381 million of benefit from the new lower rate, partially offset by $29 million of deferred income tax expense from our foreign operations." What's the effect on net income? (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).