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Chec N. 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: 25 polnts ($ in millions) $ 620 64 Projected Benefit Obligation Balance, January 1, 2021 Service cost Interest cost, discount rate, 53 Gain due to changes in actuarial assumptions in 2021 Pension benefits paid Balance, December 31, 2021 m (15) (31) $ 669 eBook Print References (s in millions) S640 Plan Assets Balance, January 1, 2021 Actual return on plan assets (Expected return on plan assets, $46) Cash contributions Pension benefits paid Balance, Deeerder 31, 2021 92 131 $ 732 January 1, 202, balances: Pengor 233et Prior service cost-LOCI (amortization $ per yea: Het gain-LOCI (ary amortization over 10 years) $ 10 millions) 9 20 40 109 0 Check 2 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 gair-AOCI, and prior service cost-AOCI [Hint: You might find Taccounts 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? 25 points eBook Complete this question by entering your answers in the tabs below. Print References Req 1 to 3 Reg 4 Reg 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).) 2 Reg 1 to 3 Req 4 Reg 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).) 25 points View transaction list eBook Print Journal entry worksheet References Record the pension expense. Note: Enter debits before credits. Event General Journal Debit Credit 1 2 Reg 1 to 3 Reg 4 Reg 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).) 25 points View transaction list eBook Print Journal entry worksheet References Record the gain on PBO. Note: Enter debits before credits Event General Journal Debit Credit 2. 2 Reg 1 to 3 Reg 4 Reg 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).) 25 polnts View transaction list eBook Print Journal entry worksheet References Record the loss on plan assets. Note: Enter debits before credits. Event General Journal Debit Credit 3 2 Reg 1 to 3 Reg 4 Reg 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).) 25 polnts View transaction list eBook Print Journal entry worksheet References 1 3 4 5 Record the funding of plan assets. Note: Enter debits before credits. Event General Journal Debit Credit 2 Reg 1 to 3 Reg 4 Reg 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).) 25 points View transaction list eBook Print Journal entry worksheet References