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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:
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: 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-AOCl, and prior service cost-AOCI. [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? \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Balances on December 31, 2024} \\ \hline \multicolumn{2}{|c|}{ (\$ in millions) } \\ \hline Net gain - AOCl & \\ \hline Prior service cost AOCl & \\ \hline \end{tabular} 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? Note: Enter your answers in millions. (i.e., 10,000,000 should be entered as 10)
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