Beale Management has a noncontributory, defined benefit pension plan. One 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 gainAOCI, and prior service costAOCI. [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?

Journal entry worksheet 2 3 4 Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the loss on plan assets. Note: Enter debits before credits. Journal entry worksheet 2 Record the funding of plan assets. Note: Enter debits before credits. Journal entry worksheet 1 2 3 Record the payment of benefits. Note: Enter debits before credits. Balances on Dec. 31, 2024 (\$ in millions) Net gain-AOCl Prior service cost-AOCl Balance Sheet as of 2021 million