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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 (5 in millions) Balance, January 1, 2021 $ 440 Service cost 46 Interest cost, discount rate, 5% 22 Gain due to changes in actuarial assumptions in 2021 (13) Pension benefits paid (22) Balance, December 31, 2021 $ 473 (5 in millions) $ 460 32 Plan Assets Balance, January 1, 2021 Actual return on plan assets (Expected return on plan assets, $37) Cash contributions Pension benefits paid Balance, December 31, 2021 73 (22) $ 543 January 1, 2021, balonces: Pension asset Prior service cost-AOCI (amortization $6 per year) Net Bain AOCI (any amortization over 10 years) (5 in millions) 5.20 42 36 required: -to 3. Prepare the 2021 journal entries to record pension expense, to record any 2021 gains and losses and the contribution to plan ssets and benefit payments to retirees 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.) 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 Jan? No Event Debit Debit Credit 1 1 General Journal Pension expense Plan assets Amortization of net gain - OCI Amortization of Prior Service Cost - OCI PBO 2 PBO Gain - OCI 3 3 Loss - OCI Plan assets 4 4 Plan assets Cash 5 5 PBO Plan assets Req 1 to 3 Req 4 Reg 5 Determine the balances at December 31, 2021, in the PBO, plan assets, the net gain-AOC, and prior service cost-AOCI [Hint: You might find T-accounts useful.]. (Enter your answers in millions. (1.e., 10,000,000 should be entered as 10).) Balances on Dec. 31, 2021 (5 in millions) PBO Plan assets Net gain - AOCI Prior service cost - AOCI

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