Exercise $1//-19($Algo$)$ Recora pension expense, runaing, and gains and iosses; tinancial statement erfects

$[$LO$17-6,17-7,17-8]$

Beale Management has a noncontributory, defined benefit pension plan. On December $31,2024($the end of Beale's

fiscal year$),$ the following pension$-$related data were available:

Required: $$

to $3.$ Prepare the journal entries required for the pension during $2024.$

Determine the balances at December $31,2024,$ in the net gain$-$AOCI, and prior service cost$-$AOCI. $[$Hint: You might

find T$-$accounts useful.$]$

What amount will Beale report in its $2024$ balance sheet as a net pension asset or net pension liability for the funded

status of the plan?

Complete this question by entering your answers in the tabs below.

Req $1$ to

$3$

Req $4$

Req $5$

req$1$

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.