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 $1,2024$ $ $600$

Service cost $62$

Interest cost, discount rate, $5\%30$

Gain due to changes in actuarial assumptions in $2024(14)$

Pension benefits paid $(30)$

Balance, December $31,2024$ $ $648$

Plan Assets $($$ in millions$)$

Balance, January $1,2024$ $ $620$

Actual return on plan assets $40$

$($Expected return on plan assets, $$45)$

Cash contributions $81$

Pension benefits paid $(30)$

Balance, December $31,2024$ $ $711$

January $1,2024,$ balances: $($$ in millions$)$

Pension asset $ $20$

Prior service cost$$AOCI $($amortization $$6$ per year$)30$

Net gain$$AOCI $($any amortization over $10$ years$)102$

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 gain$$AOCI$,$ and prior service cost$$AOCI$.[$Hint: You might find T$-$accounts useful.$]$ Record the pension expense.

Note: Enter debits before credits.

Pension expense

Event General Journal Debit Credit

$1$ Pension expense

Plan assets

Amortization of net gain $-$ OCI

Amortization of Prior Service Cost $-$ OCI

PBO $92$ Determine the balances at December $31,2024,$ in the net gain$$AOCI$,$ and prior service cost$$AOCI$.[$Hint: You might find T$-$accounts useful.$]$

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

Balances on December $31,2024$

$($$ in millions$)$

Net gain $-$ AOCI :

Prior service cost $-$ AOCI $$24$