Acme Inc has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows:

($ in millions)

PBO Balance, January 1: $640

Plan Assets Balance, January 1: $500

Service Cost: $105

Interest Cost: $85

Gain from change in actuarial assumption: $36

Benefits paid: $(68)

Actual Return on Plan assets: $47

Contributions 2024: $95

The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on January 1, 2024, but at the end of 2024, the company amended the pension formula, creating a prior service cost of $20 million.

1. What is the pension expense for 2024?
2. What are the journal entries to record [b] pension expense, [b] gains or losses, [c] prior service cost, [d] funding, and [e] payment of benefits in 2024?
3. What amount will Acme Inc report on its 2024 balance sheet as a net pension or net pension liability?