ces Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows: DBO balance, January 1 Plan assets balance, January 1 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2024 ($ millions) $510 200 90 60 32 (42) 12 80 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 $16 million. Assume Electronic Distribution prepares its financial statements according to International Financial Reporting Standards (IFRS). Also assume that 10% is the current interest rate on high-quality corporate bonds. Required: 1. Calculate the net pension cost for 2024, separating its components into appropriate categories for reporting. 2. Prepare the journal entries to record (a) the components of net pension cost, (b) gains or losses, (c) past service cost, (d) funding, and (e) payment of benefits for 2024. 3. What amount will Electronic Distribution report in its 2024 balance sheet as a net pension asset or net pension liability? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the net pension cost for 2024, separating its components into appropriate categories for reporting. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and debit amounts with a positive sign. Reported in income statement: Service cost ($ in millions) $ 0