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	($ in millions)
Balance, January 1, 2021		$	700
Service cost			72
Interest cost, discount rate, 5%			35
Gain due to changes in actuarial assumptions in 2021			(19	)
Pension benefits paid			(35	)
Balance, December 31, 2021		$	753

Plan Assets	($ in millions)
Balance, January 1, 2021		$	720
Actual return on plan assets			45
(Expected return on plan assets, $50)
Cash contributions			86
Pension benefits paid			(35	)
Balance, December 31, 2021		$	816

January 1, 2021, balances:	($ in millions)
Pension asset	$	20
Prior service costAOCI (amortization $7 per year)		35
Net gainAOCI (any amortization over 10 years)		112

Required: 1. to 3. Prepare the 2021 journal entries to record pension expense, to record any 2021 gains and losses and the contribution to plan assets and benefit payments to retirees. 4. Determine the balances at December 31, 2021, in the PBO, plan assets, the net gainAOCI, and prior service costAOCI [Hint: You might find T-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?

Req 1 to 3 Req 4 Reg 5 Prepare the 2021 journal entries to record pension expense, to record any 2021 gains and losses and the contribution to plan assets and benefit payments to retirees. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) No Event General Journal Debit Credit 1 1 Pension expense 66 x 2 2 x 66 x X 4 x Pension expense Amortization of Prior Service Cost - OCI Amortization of net gain - OCI Cash x 20 X x 86 X Plan assets x 43 X 3 3 Plan assets 86 X Cash x 86 X Pension expense X 35 X Cash X 35 X 4 4 Plan assets 113 x Req 1 to 3 Req 4 Reg 5 Prepare the 2021 journal entries to record pension expense, to record any 2021 gains and losses and the contribution to plan assets and benefit payments to retirees. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) No Event General Journal Debit Credit 1 1 Pension expense 66 x 2 2 x 66 x X 4 x Pension expense Amortization of Prior Service Cost - OCI Amortization of net gain - OCI Cash x 20 X x 86 X Plan assets x 43 X 3 3 Plan assets 86 X Cash x 86 X Pension expense X 35 X Cash X 35 X 4 4 Plan assets 113 x