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: ($ in millions) $ 420 Projected Benefit Obligation Balance, January 1, 2021 Service cost Interest cost, discount rate, 53 Gain due to changes in actuarial assumption Pension benefits paid Balance, December 31, 2021 in 2021 (12) $ 452 $ in millions) $ 440 Plan Assets Balance, January 1, 2021 Actual return on plan assets (Expected return on plan assets, $36) Cash contributions Pension benefits paid Balance, December 31, 2021 $ 522 ($ in millions) $ 20 January 1, 2021, balances: Pension asset Prior service cost-AOCI (amortization $5 per year) Net gain-AOCI any amortisation over 10 years) 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 galnAOCI, 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? Journal entry worksheet Record the gain on PBO. Note: Enter debits before credits General Journal Debit Credit Event 2 PBO Gain - OCI Loss - OCI Plan assets Journal entry worksheet 4 5 Record the loss on plan assets. Note: Enter debits before credits. General Journal Debit Credit Event 3 Plan assets Cash Record entry Clear entry View general journal Journal entry worksheet Record the funding of plan assets. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general joumal Journal entry worksheet Record the payment of benefits. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general joumal