Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale's fiscal year), the following pension-related data were available:

Projected Benefit Obligation	($ in millions)
Balance, January 1, 2024	$ 480
Service cost	82
Interest cost, discount rate, 5%	24
Gain due to changes in actuarial assumptions in 2024	(10)
Pension benefits paid	(40)
Balance, December 31, 2024	$ 536

Plan Assets	($ in millions)
Balance, January 1, 2024	$ 500
Actual return on plan assets	40
(Expected return on plan assets, $45)
Cash contributions	70
Pension benefits paid	(40)
Balance, December 31, 2024	$ 570

January 1, 2024, balances:	($ in millions)
Pension asset	$ 20
Prior service costAOCI (amortization $8 per year)	48
Net gainAOCI (any amortization over 15 years)	80

Required:

1. to 3. Prepare the journal entries required for the pension during 2024.

4. Determine the balances at December 31, 2024, in the net gainAOCI, and prior service costAOCI. [Hint: You might find T-accounts useful.]

5. What amount will Beale report in its 2024 balance sheet as a net pension asset or net pension liability for the funded status of the plan?