18 Beele Management has a noncontributory, defined benefit pension plan On December 31 2021 the end of Beale's fiscal year, following pension-related data were available Projected fit obligation Balance, January 1, 2021 Service cost Interest cost, discount rate, s Gain due to charges in actuarial assumptions in 2021 Pension benefits paid Balance, December 31, 20211 $660 70 34 (1) (34) 5712 Plan Assets Balance, January 1, 2021 Actual return on plan assets (Expected return on plan assets, ses) cash contributions Pension benefits paid Balance, December 11, 2021 uary 2021, Salances Pension asset Prior service cost-AOCI (amortization 56 per year) Net gain-a0c1 (ony mortization over 10 years) Required: 1. (in millions) $700 44 85 (0.0) $795 (in millions $ 20 30 110 to 3. Prepare the 2021 journal entries to record pension expense, to record any 2021 gains and losses and the contribution to pla assets and benefit payments to retirees 4. Determine the balances at December 31, 2021, in the PBO plan assets, the net gain-ADC, and prior service cost-AOCI [Hint: Ye might find T-accounts useful] 5. What amount will Beale report in its 2021 balance sheet as a net pension asset or net pension liability for the funded status of the plan? Complete this question by entering your answers in the tabs below. Req 1 to 3 Req 4 Req 5 Prepare the 2021 journal entries to record pension expense, to record any 2021 gains and losses and the contribution to plan assets and benefit payments to retirees. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e. 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 1 2 Record the pension expense. Note: Enter debts before credits Event 1 5 General Journal Debit Credit