Exercise $17-19($Algo$)$ Record pension expense, funding, and gains and losses; financial statement effects $[$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:

January $1,2024,$ balances: $(\backslash$$ in millions$)$

Pension asset

$(\backslash$$ in millions$)$

Prior service cost$-$AOCI $($amortization $\backslash$$$4$ per year$)28$

Net gain$-$AOCI $($any amortization over $10$ years$)82$

Required:

$1.$ to $3.$ Prepare the journal entries required for the pension during $2024.$

$4.$ Determine the balances at December $31,2024,$ in the net gain$-$AOCl, and prior service cost$-$AOCl. $[$Hint: You might find T$-$accounts useful.$]$

$5.$ 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?