Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2018 (the end of Beale's fiscal year), the following pension-related data were available Projected Benefit Obligation Bala Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2018 Pension benefits paid (S in millions) nce, January 1, 2018 460 48 23 (14) (23) Balance, December 31, 2018 494 (S in millions) 480 Plan Assets Balance, January 1, 2018 Actual return on plan assets (Expected return on plan assets, $38) Cash contributions Pension benefits paid Balance, December 31, 2018 74 (23) 564 (S in millions) January 1, 2018, balances: Pension asset Prior service cost-AOCI (amortization $7 per year) Net gain-AOCI (any amortization over 10 years) 5 20 49 Required 1. to 3. Prepare the 2018 journal entry to record pension expense, to record any 2018 gains and losses and the contribution to plan assets and benefit payments to retirees 4. Determine the balances at December 31, 2018, 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 2018 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 3Req 4 Req 5 Prepare the 2018 journal entry to record pension expense, to record any 2018 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 1Record the pension expense. 2 Record the gain on PBO. 3 Record the loss on plan assets. 4 Record the funding of plan assets. 5 Record the payment of benefits. Credit Note: journal entry has been entered Record entry Clear entry View general journal Req 1 to 3 Req 4 Req 5 Determine the balances at December 31, 2018, in the PBO, plan assets, the net gain-AOCI, and prior service cost-AOCI [Hint: You might find T-accounts useful.]. (Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) Balances on Dec. 31, 2018 (S in millions) Plan assets Net gain-AOCI Prior service cost-AOCI Req 1 to 3 Req5 > Req 1 to 3Req 4 Req 5 What amount will Beale report in its 2018 balance sheet as a net pension asset or net pension liability for the funded status of the plan? (Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) Balance Sheet as on 2018 million
