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Beale Management has a noncontributory, defined benefit pension plan. On December 31,2024(the end of Beale's...

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Accounting

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 $1, 2024$ $ $520$

Service cost $54$

Interest cost, discount rate, $5 % 26$

Gain due to changes in actuarial assumptions in $2024 (10)$

Pension benefits paid $(26)$

Balance, December $31, 2024$ $ $564$

Plan Assets $($ $ in millions $)$

Balance, January $1, 2024$ $ $540$

Actual return on plan assets $36$

$($ Expected return on plan assets, $ $41)$

Cash contributions $77$

Pension benefits paid $(26)$

Balance, December $31, 2024$ $ $627$

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

Pension asset $ $20$

Prior service costAOCI $($ amortization $ $4$ per year $) 20$

Net gainAOCI $($ any amortization over $10$ years $) 104$

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.

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