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:

Required:1. Prepare the 2021 journal entry to record pension expense.2. Prepare the journal entry(s) to record any 2021 gains and losses.3. Prepare the 2021 journal entries to record the contribution to plan assets and benefit payments to retirees.4. Determine the balances at December 31, 2021, in (a) the PBO, (b) plan assets, (c) the net gain?AOCI, and (d) prior service cost?AOCI. Show how the balances changed during 2021. [Hint: You might findT-accounts useful.]5. 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 plan?

($ in millions) Projected Benefit Obligation $480 Balance, January 1, 2021 Service cost 82 Interest cost, discount rate, 5% 24 (10) (40) Gain due to changes in actuarial assumptions in 2021 Pension benefits paid $536 Balance, December 31, 2021 Plan Assets $500 Balance, January 1, 2021 Actual return on plan assets (Expected return on plan assets, $45) 40 Cash contributions 70 Pension benefits paid (40) $570 Balance, December 31, 2021 January 1, 2021, balances: $ 20 Pension asset Prior service cost-AOCI (amortization $8 per year) Net gain-AOCI (any amortization over 15 years) 48 80