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 is in millions Balance, January 1, 2021 $ 640 Service cost 66 Interest cont, discount rate, 50 32 Gain due to changes in actuarial assumptions in 2021 (16) Pension benefits paid Balance, December 31, 2021 $ 690 (5 in millions) $ 660 42 Plan Assets Balance, January 1, 2021 Actual return on plan assets (Expected return on plan assets, $47) Cash contributions Pension benefits paid Balance, December 31, 2021 83 22) $ 753 January 1, 2021, balances Pension asset Prior service cost-AOCT (amortization 34 per year) Net gain-AOCI (any amortization over 10 years) (5 in millions) $ 20 20 106 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 4. 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) 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 1 2 3 4 5 Record the pension expense. 5 Note: Enter debits before credits. Event Debit Credit 1 General Journal Pension expense Plan assets Amortization of net gain - OCI Amortization of Prior Service Cost - OCI Record entry Clear entry View general Journal Reg 1 to 3 Req 4 > Journal entry worksheet Record the funding of plan assets. Note: Enter debits before credits Event General Journal Debit Credit 4 Record entry Clear entry View general Journal Journal entry worksheet