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	$ 440
Service cost	46
Interest cost, discount rate, 5%	22
Gain due to changes in actuarial assumptions in 2024	(13)
Pension benefits paid	(22)
Balance, December 31, 2024	$ 473

Plan Assets	($ in millions)
Balance, January 1, 2024	$ 460
Actual return on plan assets	32
(Expected return on plan assets, $37)
Cash contributions	73
Pension benefits paid	(22)
Balance, December 31, 2024	$ 543

January 1, 2024, balances:	($ in millions)
Pension asset	$ 20
Prior service costAOCI (amortization $6 per year)	42
Net gainAOCI (any amortization over 10 years)	86

Required:

1. to 3. Prepare the journal entries required for the pension during 2024.

Record the pension expense.

Record the gain on PBO.

Record the loss on plan assets.

Record the funding of plan assets.

Record the payment of benefits.

4. Determine the balances at December 31, 2024, in the net gainAOCI, and prior service costAOCI. [Hint: You might find T-accounts useful.]Note: Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).

Net gain AOCI

Prior Service cost AOCI

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? Note: Enter your answers in millions. (i.e., 10,000,000 should be entered as 10)

Net pension asset/Net pension liability