Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2021 (the end of Beales. fiscal year), the following pension-related data were available:

Projected Benefit Obligation	($ in million)
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 million)
Pension asset	$20
Prior service cost-AOCI (amortization $7 per year)	35
Net gain-AOCI (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 gain AOCI, and prior service cost AOCI [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?