Beale management has a noncontributory, defined benefit pension plan. on december 31, 2016 (the end of beale's fiscal year), the following pension-related data were available: projected benefit obligation ($ in millions) balance, january 1, 2016 $ 700 service cost 72 interest cost, discount rate, 5% 35 gain due to changes in actuarial assumptions in 2016 (19 ) pension benefits paid (35 ) balance, december 31, 2016 $ 753 plan assets ($ in millions) balance, january 1, 2016 $ 720 actual return on plan assets 45 (expected return on plan assets, $50) cash contributions 86 pension benefits paid (35 ) balance, december 31, 2016 $ 816 january 1, 2016, balances: ($ in millions) pension asset $ 20 prior service cost–aoci (amortization $7 per year) 35 net gain–aoci (any amortization over 10 years) 112 (for all requirements, enter your answers in millions. (i. e., 10,000,000 should be entered as : 1. to 3. prepare the 2016 journal entry to record pension expense, to record any 2016 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.)1.record the pension expense.2. record the gain on pbo.3.record the loss on assets.4. record the change in plan assets.5. record the change in the pbo.