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In: AccountingBeale Management has a noncontributory, defined benefit pensionplan. On December 31, 2021 (the end of...Beale Management has a noncontributory, defined benefit pensionplan. On December 31, 2021 (the end of Beale's fiscal year), thefollowing pension-related data were available:Projected Benefit Obligation($ in millions)Balance, January 1, 2021$460Service cost48Interest cost, discount rate, 5%23Gain due to changes in actuarial assumptions in 2021(14)Pension benefits paid(23)Balance, December 31, 2021$494Plan Assets($ in millions)Balance, January 1, 2021$480Actual return on plan assets33(Expected return on plan assets, $38)Cash contributions74Pension benefits paid(23)Balance, December 31, 2021$564January 1, 2021, balances:($ in millions)Pension asset$20Prior service cost—AOCI (amortization $7 per year)49Net gain—AOCI (any amortization over 10 years)88  Required:1. to 3. Prepare the 2021 journal entries torecord pension expense, to record any 2021 gains and losses and thecontribution to plan assets and benefit payments to retirees.4. Determine the balances at December 31, 2021, inthe PBO, plan assets, the net gain—AOCI, and prior servicecost—AOCI [Hint: You might find T-accounts useful.]5. What amount will Beale report in its 2021balance sheet as a net pension asset or net pension liability forthe funded status of the plan?