Exercise 17-20 (Static) Pension spreadsheet [LO17-8]

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:

Projected Benefit Obligation ($ in millions) Balance, January 1, 2024 $ 480 Service cost 82 Interest cost, discount rate, 5% 24 Gain due to changes in actuarial assumptions in 2024 (10) Pension benefits paid (40) Balance, December 31, 2024 $ 536 Plan Assets ($ in millions) Balance, January 1, 2024 $ 500 Actual return on plan assets 40 (Expected return on plan assets, $45) Cash contributions 70 Pension benefits paid (40) Balance, December 31, 2024 $ 570 January 1, 2024, balances: ($ in millions) Pension asset $ 20 Prior service costAOCI (amortization $8 per year) 48 Net gainAOCI (any amortization over 15 years) 80

Required:

Prepare a pension spreadsheet to show the relationship among the PBO, plan assets, prior service cost, the net gain, pension expense, and the net pension asset.

Note: Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).