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Beale Management has a noncontributory, defined benefit pension plan. On December 31,2021 (the end of Beale's fiscal year), the following pension-related data were avallable: Required:
Beale Management has a noncontributory, defined benefit pension plan. On December 31,2021 (the end of Beale's fiscal year), the following pension-related data were avallable: Required: 1. to 3. 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. 4. Determine the balances at December 31, 2021, In the PBO, plan assets, the net gain-AOCI, and prior service cost-AOCI [HInt:You might find T-accounts useful.] 5. What amount will Beale report in its 2021 balance sheet as a net pension asset or net pension Ilability for the funded status of the plan? Complete this question by entering your answers in the tabs below. 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).) Beale Management has a noncontributory, defined benefit pension plan. On December 31,2021 (the end of Beale's fiscal year), the following pension-related data were avallable: Required: 1. to 3. 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. 4. Determine the balances at December 31, 2021, In the PBO, plan assets, the net gain-AOCI, and prior service cost-AOCI [HInt:You might find T-accounts useful.] 5. What amount will Beale report in its 2021 balance sheet as a net pension asset or net pension Ilability for the funded status of the plan? Complete this question by entering your answers in the tabs below. 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).)
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