Item6 2.5 points eBookHintPrintReferencesCheck my workCheck My Work button is now enabledItem 6 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 ($ in millions) 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 millions) Pension asset $ 20 Prior service costAOCI (amortization $7 per year) 35 Net gainAOCI (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 gainAOCI, and prior service costAOCI [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?

Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 to 3 Reg 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).) No Event General Journal Debit Credit 1 1 Pension expense 58 X Plan assets Amortization of net gain - OCI Amortization of Prior Service Cost - OCI OOOOO 12 X 7 PBO 2 2 PBO olol Gain - OCI 3 3 Loss - OCI OOO Plan assets 4 4 Plan assets OOO Cash 5 5 PBO Plan assets Reg 1 to 3 Req 4 > Answer is not complete. Complete this question by entering your answers in the tabs below. 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) $ (753) X PBO Plan assets $ 866 X Net gain - AOCI $ 113 x Prior service cost - AOCI $ 35 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 to 3 Req 4 Reg 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