mework ex 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 (s in millions) $580 60 29 (13) (29) $627 Plan Assets Balance, January 1, 20211 Actual return on plan assets (Expected return on plan assets, $44) Cash contributions) Pension benefits paid Balance, December 31, 2021 January 1, 2021, balances: Pension asset Prior service cost-AOCI (amortization $7 per year) Net gain-AOCI (any amortization over 10 years) Required: (5 in millions) $600 39 80 (29) $690 (5 in millions) 5.20 35 100 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-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? 100 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-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. Req 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. (e. 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 1 2 3 4 5 Record the pension expense. Nota: Enter debits before credes Event 1 General Journal Debit Credit Record entry Clear entry View general journal 100 over 10 yearsy 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-AOCI, and prior service cost-AOCHint 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. Req 1 to 3 Reg Req.5 Determine the balances at December 31, 2021. in the PBO, plan assets, the net gain-ADCT, anil prior service cost-AOCI [Hint: You might find T-accounts useful.). (Enter your answers in millions, (e. 10,000,000 should be entered as 10).) Balances one 21, 201 PRO Plan assets Nel gain-ADC Poor service cost- AOC > D Not exin-AbCE (any amortization over 10 years) ences 200 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-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. Req 1 to 3 Rag 4 What amount will Beale report in its 2021 balance sheet as a net pension asset er net pension lability for the funded status of the plan? (Enter your answers milions. (e- 10,000,000 should be entered as 10)) Set of 2001 million