Beale management has a noncontributory, defined benefit pension plan. on december 31, 2018 (the end of beale's fiscal year), the following pension-related data were available:
projected benefit obligation ($ in millions)
balance, january 1, 2018 $ 720
service cost 74
interest cost, discount rate, 5% 36
gain due to changes in actuarial assumptions in 2018 (20 )
pension benefits paid (36 )
balance, december 31, 2018 $ 774
plan assets ($ in millions)
balance, january 1, 2018 $ 740
actual return on plan assets 46
(expected return on plan assets, $51)
cash contributions 87
pension benefits paid (36 )
balance, december 31, 2018 $ 837
january 1, 2018, balances: ($ in millions)
pension asset $ 20
prior service cost–aoci (amortization $6 per year) 30
net gain–aoci (any amortization over 10 years) 114
required:
1. to 3. prepare the 2018 journal entry to record pension expense, to record any 2018 gains and losses and the contribution to plan assets and benefit payments to retirees.
4. determine the balances at december 31, 2018, in the pbo, plan assets, the net gain–aoci, and prior service cost–aoci [hint: you might find t-accounts useful.]
5. what amount will beale report in its 2018 balance sheet as a net pension asset or net pension liability for the funded status of the plan?
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