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Exercise 17-19 (Algo) Record pension expense, funding, and gains and losses; financial statement effects [LO17-6, 17-7, 17-8]
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 | 50 |
| Interest cost, discount rate, 5% | 24 |
| Gain due to changes in actuarial assumptions in 2024 | (8) |
| Pension benefits paid | (24) |
| Balance, December 31, 2024 | $ 522 |
| Plan Assets | ($ in millions) |
| Balance, January 1, 2024 | $ 500 |
|---|---|
| Actual return on plan assets | 34 |
| (Expected return on plan assets, $39) | |
| Cash contributions | 75 |
| Pension benefits paid | (24) |
| Balance, December 31, 2024 | $ 585 |
| January 1, 2024, balances: | ($ in millions) |
| Pension asset | $ 20 |
|---|---|
| Prior service costAOCI (amortization $6 per year) | 42 |
| Net gainAOCI (any amortization over 10 years) | 90 |
Required:
1. to 3. Prepare the journal entries required for the pension during 2024.
4. Determine the balances at December 31, 2024, in the net gainAOCI, and prior service costAOCI. [Hint: You might find T-accounts useful.]
5. What amount will Beale report in its 2024 balance sheet as a net pension asset or net pension liability for the funded status of the plan?
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