Please answer the question and be willing to correct it if it's incorrect.
Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2018 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2018 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2018 Pension benefits paid Balance, December 31, 2018 ($ in millions) $ 460 48 23 (14) (23) $ 494 ($ in millions) $ 520 33 Plan Assets Balance, January 1, 2018 Actual return on plan assets (Expected return on plan assets, $38) Cash contributions Pension benefits paid Balance, December 31, 2018 74 (23) $ 604 ($ in millions) $ 60 January 1, 2018, balances: Pension asset Prior service cost-AOCI (amortization $7 per year) Net gain-AOCI (any amortization over 10 years) 49 92 Required: Prepare a pension spreadsheet to show the relationship among the PBO, plan assets, prior service cost, the net gain, pension expense, and the net pension asset. (Enter credit amounts with a minus sign and debit amounts with a positive sign.) Answer is not complete. Prior Net Pension (Liability) Plan Net Pension Service Cost- noci ($ in millions) PBO Assets Gain- o ci Expense Cash Asset (520) $ 520 (48) (23) 38 Balance, Jan. 1, 2018 Service cost Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization of: Prior service cost Net gain Gain on PBO Cash funding Retiree benefits Balance., Dec. 31, 2018 11 x 23 1554) 74 (23) 620 $ 0 S 0 % 0 % 0 Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2018 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2018 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2018 Pension benefits paid Balance, December 31, 2018 ($ in millions) $ 460 48 23 (14) (23) $ 494 ($ in millions) $ 520 33 Plan Assets Balance, January 1, 2018 Actual return on plan assets (Expected return on plan assets, $38) Cash contributions Pension benefits paid Balance, December 31, 2018 74 (23) $ 604 ($ in millions) $ 60 January 1, 2018, balances: Pension asset Prior service cost-AOCI (amortization $7 per year) Net gain-AOCI (any amortization over 10 years) 49 92 Required: Prepare a pension spreadsheet to show the relationship among the PBO, plan assets, prior service cost, the net gain, pension expense, and the net pension asset. (Enter credit amounts with a minus sign and debit amounts with a positive sign.) Answer is not complete. Prior Net Pension (Liability) Plan Net Pension Service Cost- noci ($ in millions) PBO Assets Gain- o ci Expense Cash Asset (520) $ 520 (48) (23) 38 Balance, Jan. 1, 2018 Service cost Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization of: Prior service cost Net gain Gain on PBO Cash funding Retiree benefits Balance., Dec. 31, 2018 11 x 23 1554) 74 (23) 620 $ 0 S 0 % 0 % 0
