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 available: Projected Benefit Obligation Balance, January 1, 2021 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2021 Pension benefits paid Balance, December 31, 2021 ($ in millions) $ 440 46 22 (13) (22) $ 473 ($ in millions) $ 460 32 Plan Assets Balance, January 1, 2021 Actual return on plan assets (Expected return on plan assets, $37) Cash contributions Pension benefits paid Balance, December 31, 2021 73 (22) $ 543 January 1, 2021, balances : Pension asset Prior service cost-AOCI (amortization $6 per year) Net gain-AOCI (any amortization over 10 years) ($ in millions) $ 2e 42 86 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 liability for the funded status of the plan? Complete this question by entering your answers in the tabs below. Reg 1 to 3 Req 4 Reg 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 View journal entry worksheet X Debit Credit 33 6 1 Record the pension expense. 4 73 2 Record the gain on PBO. 50 3 Record the loss on plan assets. 73 ~ Record the funding of plan assets. 73 5 Record the payment of benefits. Req4 > Note = Journal entry has been entered 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 available: Projected Benefit Obligation Balance, January 1, 2021 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2021 Pension benefits paid Balance, December 31, 2021 ($ in millions) $ 440 46 22 (13) (22) $ 473 ($ in millions) $ 460 32 Plan Assets Balance, January 1, 2021 Actual return on plan assets (Expected return on plan assets, $37) Cash contributions Pension benefits paid Balance, December 31, 2021 73 (22) $ 543 January 1, 2021, balances : Pension asset Prior service cost-AOCI (amortization $6 per year) Net gain-AOCI (any amortization over 10 years) ($ in millions) $20 42 86 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 liability for the funded status of the plan? Complete this question by entering your answers in the tabs below. Reg 1 to 3 Reg 4 Req 5 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.). (Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) Balances on Dec. 31, 2021 (s in millions) PBO $ Plan assets S Net gain - AOCI Pnor service cost - AOCI (473) 5431 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 available: Projected Benefit Obligation Balance, January 1, 2021 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2021 Pension benefits paid Balance, December 31, 2021 ($ in millions) $ 440 46 22 (13) (22) $ 473 ($ in millions) $ 460 32 Plan Assets Balance, January 1, 2021 Actual return on plan assets (Expected return on plan assets, $37) Cash contributions Pension benefits paid Balance, December 31, 2021 73 (22) $ 543 January 1, 2021, balances: Pension asset Prior service cost-AOCI (amortization $6 per year) Net gain-AOCI (any amortization over 10 years) ($ in millions) $ 20 42 86 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 liability for the funded status of the plan? Complete this question by entering your answers in the tabs below. Reg 1 to Reg 4 Reg 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? (Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) Balance Sheet as of 2021 Net pension asset S 70 million