Projected Benefit Obligation Balance, January 1, 2024 Service cost Interest cost, discount rate, 5% Gain due...

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Projected Benefit Obligation Balance, January 1, 2024 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2024 Pension benefits paid Balance, December 31, 2024 Plan Assets Balance, January 1, 2024 Actual return on plan assets (Expected return on plan assets, $36) Cash contributions Pension benefits paid Balance, December 31, 2024 January 1, 2024, balances: Pension asset ($ in millions) $ 440 31 72 (21) $ 522 ($ in millions) $ 420 44 21 (12) 2011 (21) $ 452 ($ in millions) $ 20 Prior service cost-AOCI (amortization $5 per year) Net gain-AOCI (any amortization over 10 years) Required: 1. to 3. Prepare the journal entries required for the pension during 2024. 35 84 4. Determine the balances at December 31, 2024, in the net gain-AOCI, and prior service cost-AOCI. [Hint: You might find T-accounts useful.] 5. What amount will Beale report in its 2024 balance sheet as a net pension asset or net pension liability for the funded status of the plan? Projected Benefit Obligation Balance, January 1, 2024 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2024 Pension benefits paid Balance, December 31, 2024 Plan Assets Balance, January 1, 2024 Actual return on plan assets (Expected return on plan assets, $36) Cash contributions Pension benefits paid Balance, December 31, 2024 January 1, 2024, balances: Pension asset ($ in millions) $ 440 31 72 (21) $ 522 ($ in millions) $ 420 44 21 (12) 2011 (21) $ 452 ($ in millions) $ 20 Prior service cost-AOCI (amortization $5 per year) Net gain-AOCI (any amortization over 10 years) Required: 1. to 3. Prepare the journal entries required for the pension during 2024. 35 84 4. Determine the balances at December 31, 2024, in the net gain-AOCI, and prior service cost-AOCI. [Hint: You might find T-accounts useful.] 5. What amount will Beale report in its 2024 balance sheet as a net pension asset or net pension liability for the funded status of the plan?