Answer Happy

TO 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: 1 Doints Projected Benefit Obligation Balance, January 1, 2021 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2021 Pension benefits paid Balance, December 31, 2021 ($ in millions) $480 82 24 (10) (40) $536 eBook Hint References ($ in millions) $500 40 Plan Assets Balance, January 1, 2021 Actual return on plan assets (Expected return on plan assets, $45) Cash contributions Pension benefits paid Balance, December 31, 2021 70 (40) $570 January 1, 2021, balances: Pension asset Prior service cost-AOCI (amortization $8 per year) Net gain-AOCI (any amortization over 15 years) ($ in millions) $20 48 80
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 (Enter your answers in millions. Enter credit amounts with a minus sign and debit amounts with a positive sign.) Plan Prior Service Cost-AOCI Net Gain-AOCI Pension Expense Net Pension (Liability) Asset PBO Assets Cash k nces $ in millions) Balance, Jan 1, 2021 Service cost Interest cost, 5% Expected return on assets Adjust for Loss on assets Amortization of Prior service cost Net gain Gain on PBO Cash funding Retiree benefits Balance, Dec 31, 2021 Prey 10 of 10 Next