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Homework 0 Soved 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: ($ in nillions) $ 500 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) Plan Assets Balance, January 1, 2021 Actual return on plan assets (Expected return on plan assets, $40) Cash contributions Pension benefits paid Balance, December 31, 2021 January 1, 2021, balances : Pension asset Prior service cost-AOCI (amortization 58 per year) Net gain-AOCI (any amortization over 10 years) ($ in millions) $ 80 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. Enter your answers in millions.) Prior Service Cost AOC Plan A ssets Net Pension (Liability) Asset (Sin millions) Balance, Jan. 1.2021 PBO Net Pension Gain AOCI Expense l Cash 5 8 0 80 (5 in a lions) Pension asset Prior service cost-AOCI (anortization 58 per year) Net gain-ADCI (any amortization over 10 years) Required: Prepare a pension spreadsheet to show the relationship among the PBO plan assets, prior gervice 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. Enter your answers in millions.) Prior Plan Assets Service Cost AOC PBO 80 Net Pension (Liability) Asset Net Pension Gain-AOCI Expense Cash $ (5 in millions) Balance, Jan 1, 2021 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, 2021 $ 80S 0S 0S 0S 0 S 0 Prev 1 of 1 !!! Next