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Beale Management has a noncontributory, defined benefit pension plan. On December 3 1 , 2 0 2 4 ( the end of Beale's fiscal year

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 $ 420
Service cost 44
Interest cost, discount rate, 5%21
Gain due to changes in actuarial assumptions in 2024(12)
Pension benefits paid (21)
Balance, December 31,2024 $ 452
Plan Assets ($ in millions)
Balance, January 1,2024 $ 440
Actual return on plan assets 31
(Expected return on plan assets, $36)
Cash contributions 72
Pension benefits paid (21)
Balance, December 31,2024 $ 522
January 1,2024, balances: ($ in millions)
Pension asset $ 20
Prior service costAOCI (amortization $5 per year)35
Net gainAOCI (any amortization over 10 years)84
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?

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