Beale Management has a noncontributory, defined benefit pension plan. On December $31,2024($the end of Beale's fiscal year$),$ the following pension$-$related data were available:

Projected Benefit Obligation$($$ in millions$)$Balance$,$ January $1,2024$$ $760$Service cost$78$Interest cost, discount rate, $5\%38$Gain due to changes in actuarial assumptions in $2024(22)$Pension benefits paid$(38)$Balance$,$ December $31,2024$$ $816$

Plan Assets$($$ in millions$)$Balance$,$ January $1,2024$$ $780$Actual return on plan assets$48($Expected return on plan assets, $$53)$Cash contributions$89$Pension benefits paid$(38)$Balance$,$ December $31,2024$$ $879$

January $1,2024,$ balances:$($$ in millions$)$Pension asset$ $20$Prior service cost$$AOCI $($amortization $$8$ per year$)40$Net gain$$AOCI $($any amortization over $10$ years$)118$

Required:

$1.$ to $3.$ Prepare the journal entries required for the pension during $2024.$

$4.$ 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?