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		$	680
Service cost			70
Interest cost, discount rate, 5%			34
Gain due to changes in actuarial assumptions in 2021			(18	)
Pension benefits paid			(34	)
Balance, December 31, 2021		$	732

Plan Assets	($ in millions)
Balance, January 1, 2021		$	700
Actual return on plan assets			44
(Expected return on plan assets, $49)
Cash contributions			85
Pension benefits paid			(34	)
Balance, December 31, 2021		$	795

January 1, 2021, balances:	($ in millions)
Pension asset	$	20
Prior service costAOCI (amortization $6 per year)		30
Net gainAOCI (any amortization over 10 years)		110

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?

Journal entry worksheet Record the loss on plan assets. Note: Enter debits before credits. Event General Journal Debit Credit 3 Journal entry worksheet Record the funding of plan assets. Note: Enter debits before credits. Event General Journal Debit Credit 4 Journal entry worksheet