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 Balance, January 1, 2018 Service cost Interest cost, discount rate, 54 Gain due to changes in actuarial assumptions in 2018 Pension benefits paid Balance, December 31, 2018 (in millions) $ 540 56 (11) (27) $ 585 ($in millions) $ 560 Plan Assets Balance, January 1, 2018 retual return on plan assets (Expected return on plan assets, $42) Cash contributions Pension benefits paid Balance, December 31, 2018 37 (27) January 1, 2018, balances Pension asset Prior service cost-AOCI (amortization 55 per year) Net gain-AOCI (any amortization over 10 years) (Sin millions) $20 25 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-AOC (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. Smework 1 complete this question by entering your answers in the tabs perow. Req 1 to 3 Reg 4 Reg 5 Prepare the 2018 journal entry to record pension expense, to record any 2018 gains and losses and the co benefit payments to retirees. (If no entry is required for a transaction/event, select "No journal entry requ Enter your answers in millions. (l.e., 10,000,000 should be entered as 10).) View transaction list 1 Record 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 Complete this question by entering your answers in the tabs below. Req 1 to 3 Reg 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. (l.e., 10,000,000 should be entered as 10).) Balances on Dec. 31, 2018 (s in millions) PBO Plan assets Net gain-AOCI Prior service cost-AOCI ( Reg 1 to 3 Req5 > Complete this question by yantering your answers in the tabs below. Req 1 to 3 Reg 4 Reg 5 What amount will Beale report in its 2018 balance sheet as a net pension asset or net pension the plan? (Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) Balance Sheet as on 2018 million ? Reqa
