Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2021 (the end of...

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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 Balance, January 1, 2021 Service cost ($ in millions) $ 580 60 Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2021 Pension benefits paid 29 (13) (29) $ 627 Balance, December 31, 2021 ($ in millions) $ 600 Plan Assets Balance, January 1, 2021 Actual return on plan assets (Expected return on plan assets, $44) 39 Cash contributions 80 Pension benefits paid (29) $ 690 Balance, December 31, 2021 January 1, 2021, balances: Pension asset ($ in millions) $ 20 Prior service cost-AOCI (amortization $7 per year) Net gain-A0CI (any amortization over 10 years) 35 100 Req 1 to 3 Req 4 Req 5 Prepare the 2021 journal entries to record pension expense, to record any 2021 gains and losses and the contribution to plan assets and benefit payments to retirees. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) View transaction list 1 Record the pension expense. Record the gain on PBO. Record the loss on plan assets. 4 Record the funding of plan assets. Record the payment of benefits. Credit 2. 3. Req 1 to 3 Req 4 Req 5 Determine the balances at December 31, 2021, in the PBO, plan assets, the net gain-AOCI, and prior service cost-AOCI [Hint: You might find T-accounts useful.]. (Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) Balances on Dec. 31, 2021 ($ in millions) PBO Plan assets Net gain - AOCI Prior service cost - AOCI Req 1 to 3 Req 4 Req 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? (Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) Balance Sheet as of 2021 million 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 Balance, January 1, 2021 Service cost ($ in millions) $ 580 60 Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2021 Pension benefits paid 29 (13) (29) $ 627 Balance, December 31, 2021 ($ in millions) $ 600 Plan Assets Balance, January 1, 2021 Actual return on plan assets (Expected return on plan assets, $44) 39 Cash contributions 80 Pension benefits paid (29) $ 690 Balance, December 31, 2021 January 1, 2021, balances: Pension asset ($ in millions) $ 20 Prior service cost-AOCI (amortization $7 per year) Net gain-A0CI (any amortization over 10 years) 35 100 Req 1 to 3 Req 4 Req 5 Prepare the 2021 journal entries to record pension expense, to record any 2021 gains and losses and the contribution to plan assets and benefit payments to retirees. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) View transaction list 1 Record the pension expense. Record the gain on PBO. Record the loss on plan assets. 4 Record the funding of plan assets. Record the payment of benefits. Credit 2. 3. Req 1 to 3 Req 4 Req 5 Determine the balances at December 31, 2021, in the PBO, plan assets, the net gain-AOCI, and prior service cost-AOCI [Hint: You might find T-accounts useful.]. (Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) Balances on Dec. 31, 2021 ($ in millions) PBO Plan assets Net gain - AOCI Prior service cost - AOCI Req 1 to 3 Req 4 Req 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? (Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) Balance Sheet as of 2021 million

Answer rating: 100% (QA)

Answer 1 to 3 No Date General Journal Debit Credit 1 1 Pension expense 48 ... View the full answer