are as riDsbtion has a defined bernefit pension plan. Characteristics of the plan during 2018an P 17-10 Phior service cost calculate pension expense: journal entries; determine net pension asset or liability LO17-5 through L017-7 follows: ($ in millions $480 PBO balance, January 1 Plan assets balance, January 300 75 45 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2018 (36) 20 60 There were no AOCI balances related to The expected long-term rate of return on plan assets was 8% sions on Janury 1, 2018, but at the end of 2018, the company amended the pension formula, service cost of $12 million. Required: I. Calculate the pension expense for 2018. creating a prior 2. Prepare the journal entry to record pension expense, gains or losses, prior service cost, funding, and payne of benefits for 2018. 3. What amount will Electronic Distribution report in its 2018 balance sheet as a net pension asset or net per sion liability