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 Balance, January 1, 2021 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2021 Pension benefits paid Balance, December 31, 2021 ($ in millions) $ 480 50 24 (8) (24) $ 522 ($ in millions) $ 500 34 Plan Assets Balance, January 1, 2021 Actual return on plan assets (Expected return on plan assets, $39) Cash contributions Pension benefits paid Balance, December 31, 2021 75 (24) $ 585 January 1, 2021, balances: Pension asset Prior service cost-AOCI (amortization $6 per year) Net gain-AOCI (any amortization over 10 years) ($ in millions) $20 42 90 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 assets and benefit payments to retirees. 4. Determine the balances at December 31, 2021, in the PBO. plan assets. the net gain-AOC, 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? assets and benefit payments to retirees. 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? Complete this question by entering your answers in the tabs below. Reg 1 to 3 Reg 4 Reg 5 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) View transaction list :X: Record the pension expense. Record the gain on PBO. Record the loss on plan assets. Record the funding of plan assets. Credit 5 Record the payment of benefits. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 1 2 3 5 Record the pension expense. Note: Enter debits before credits. Event General Journal Debit Credit 1 Pension expense Plan assets Amortization of net gain - OCI PBO Amortization of Prior Service Cost - OCI 74 6 Record entry Clear entry View general journal 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 2 3 4 5 Record the gain on PBO. Note: Enter debits before credits. Event General Journal Credit Debit 20 2 29 Gain - OCI Record entry Clear entry View general journal 2 of 4 ch Prey Next > Reg 1 to 3 Req 4 Req 5 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) View transaction list ok at Journal entry worksheet K nt 1 2 3 4 5 ences Record the loss on plan assets. Note: Enter debits before credits. Event General Journal Debit Credit 3 Loss - OCI Plan assets 5 Record entry Clear entry View general journal Req 1 to 3 Reg 4 Reg 5 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 3 4 5 Record the funding of plan assets. Note: Enter debits before credits. Event General Journal Debit Credit 4 Plan assets 75 Cash 75 Record entry Clear entry View general journal Req 1 to 3 Reg 4 Reg 5 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 2 3 5 Record the payment of benefits. Note: Enter debits before credits. Event General Journal Debit Credit 5 Record entry Clear entry View general journal