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	$ 620
Service cost	64
Interest cost, discount rate, 5%	31
Gain due to changes in actuarial assumptions in 2024	(15)
Pension benefits paid	(31)
Balance, December 31, 2024	$ 669

Plan Assets	($ in millions)
Balance, January 1, 2024	$ 640
Actual return on plan assets	41
(Expected return on plan assets, $46)
Cash contributions	82
Pension benefits paid	(31)
Balance, December 31, 2024	$ 732

January 1, 2024, balances:	($ in millions)
Pension asset	$ 20
Prior service costAOCI (amortization $8 per year)	40
Net gainAOCI (any amortization over 10 years)	104

Required:

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

Prepare the journal entries required for the pension during 2024.

Note: 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).

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

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

Note: Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).

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?

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?

Note: Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).