Dharma Initiative, Inc., has a defined benefit pension plan. Characteristics of the plan during 2016 are as follows:

The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2016, but at the end of 2016, the company amended the pension formula creating a prior service cost of $24 million. Dharma Initiative prepares its financial statements according to International Financial Reporting Standards (IFRS).

($ in 000s)
DBO balance, January 1	$960
Plan assets balance, January 1	600
Service cost	150
Interest cost (10%)	96
Gain from change in actuarial assumption	44
Benefits paid	(72)
Actual return on plan assets	40
Contributions 2016	120

Required: 1. Calculate the pension expense for 2016. 2. Prepare the journal entry to record pension expense, gains or losses, past service cost, funding, and payment of benefits for 2016. 3. What amount will Dharma Initiative report in its 2016 balance sheet as a net pension asset or net pension liability?