Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2018 are as follows:

	($ millions)
PBO balance, January 1	$	480
Plan assets balance, January 1		300
Service cost		70
Interest cost		40
Loss from change in actuarial assumption	during 2018	10
Benefits paid		(36)
Actual return on plan assets		28
Contributions 2018		60

The expected long-term rate of return on plan assets was 8%. There was no Loss or Gain - AOCI balances on January 1, 2018, but there was a $12 million balance in the Prior Service Cost AOCI account due to a change in the pension formula in the contract in prior years. Amortization of the prior service cost is $1 million per year. Required: 1. Calculate the pension expense for 2018. 2. Prepare the journal entry to record pension expense, gains or losses, funding, and payment of benefits for 2018. 3. What amount will Electronic Distribution report in its 2018 balance sheet as a net pension asset or net pension liability?

4. What would be the balance in the Prior Service Cost AOCI account and the Loss/Gain AOCI account on December 31, 2018?