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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:

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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: Projected Benefit obligation $ in millions) Balance, January 1, 2021 $700 Service cont 72 Interest cost, discount rate, 56 35 Gain due to changes in actuarial assumptions in 2021 (19) Pension benefits paid (35) Balance, December 31, 2021 $ 753 (s in millions) $ 720 45 Plan Assets Balance, January 1, 2021 Actual return on plan assets (Expected return on plan assets, $50) Cash contributions Pension benefits paid Balance, December 31, 2021 86 (35) $ 816 HEMU: 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. might find T-accounts useful 4. Determine the balances at December 31, 2021. in the PBO. plan assets, the net gain-AOCI, and prior service cost-AOCI (Hint: You 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? Reg 1 to 3 Reg 4 Reg 5 Determine the balances at December 31, 2021, 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. 10,000,000 should be entered as 10).) Balances on Dec. 31, 2021 (5 in millions) PBO Pian assets Net gain - AOCI Prior service cost - AOCI What amount will Beale report in its 2021 balance sheet as a net pension asset or net pension fiability for the funded status of the plan? (Enter your answers in millions. (t.e., 10,000,000 should be entered as 10).) Balance Sheet as of 2021 million

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