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		$	780
Service cost			80
Interest cost, discount rate, 5%			39
Gain due to changes in actuarial assumptions in 2021			(23	)
Pension benefits paid			(39	)
Balance, December 31, 2021		$	837

Plan Assets	($ in millions)
Balance, January 1, 2021		$	800
Actual return on plan assets			49
(Expected return on plan assets, $54)
Cash contributions			90
Pension benefits paid			(39	)
Balance, December 31, 2021		$	900

January 1, 2021, balances:	($ in millions)
Pension asset	$	20
Prior service costAOCI (amortization $9 per year)		45
Net gainAOCI (any amortization over 10 years)		120

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. *. Record the pension expense.

*. Record the gain on PBO.

*. Record the loss on plan assets.

*. Record the funding of plan assets.

*. Record the payment of benefits.

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?

(807) Balances on Dec. 31, 2021 ($ in millions) PBO $ Plan assets Net gain - AOCI Prior service cost - AOCI Balance Sheet as of 2021 million