Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2018 are as follows: ( millions) $ 540 350 PBO 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 55 35 38 (48) 30 Contributions 2018 45 The expected long-term rate of return on plan assets was 10 %. There were no AOCI balances related to pensions on January 1, 2018, but at the end of 2018, the company amended the pension formula creating a prior service cost of $19 million. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Required: 1. Calculate the pension expense for 2018. 2. Prepare the journal entry to record pension expense, gains or losses, prior service cost, 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? Journal entry worksheet 1 3 6 Record the pension expense. Note: Enter debits before credits. Event General Journal Debit Credit 1 Journal entry worksheet