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-AOCI, 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? Prepare the journal entries required for the pension during 2024 . Note: 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). Journal entry worksheet Note: Enter debits betore credits. 1 Record the pension expense. 2 Record the gain on PBO. 3 Record the loss on plan assets. 4 Record the funding of p lan assets. 5 Record the payment of benefits. Determ ine the balances atDecember 31,2024 , in the net gain-AOCI, and prior service cost-AOCI. [Hint: You might find T-accounts useful.] Note: Enter your answers in millions. (i.e. 10,000,000 should be entered as 10 ). What amount will Beale report in its 2024 balance sheet as a net pension as set 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). 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-AOCI, 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? Prepare the journal entries required for the pension during 2024 . Note: 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). Journal entry worksheet Note: Enter debits betore credits. 1 Record the pension expense. 2 Record the gain on PBO. 3 Record the loss on plan assets. 4 Record the funding of p lan assets. 5 Record the payment of benefits. Determ ine the balances atDecember 31,2024 , in the net gain-AOCI, and prior service cost-AOCI. [Hint: You might find T-accounts useful.] Note: Enter your answers in millions. (i.e. 10,000,000 should be entered as 10 ). What amount will Beale report in its 2024 balance sheet as a net pension as set 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)
