A company has a noncontributory, defined benefit pension plan. On December 31 of the current year (the end of the company's fiscal year), the following pension-related data were available: Projected Benefit Obligation ($ in millions) Balance, January 1, current year $ 540 Service cost 56 Interest cost, discount rate, 5% 27 Gain due to changes in actuarial assumptions in current year (11) Pension benefits paid (27) Balance, December 31, current year $ 585 Plan Assets ($ in millions) Balance, January 1, current year $ 560 Actual return on plan assets 37 (Expected return on plan assets, $42) Cash contributions 78 Pension benefits paid (27) Balance, December 31, current year $ 648 January 1, current year, balances: ($ in millions) Pension asset $ 20 Prior service costAOCI (amortization $5 per year) 25 Net gainAOCI (any amortization over 10 years) 96 Required: 1. to 3. Prepare the journal entries required for the pension during the current year. 4. Determine the balances at December 31 of the current year in the net gainAOCI, and prior service costAOCI. [Hint: You might find T-accounts useful.] 5. What amount will the company report in its current year balance sheet as a net pension asset or net pension liability for the funded status of the plan?