Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2018 are as follows: PBO balance, January 1 Plan assets balance, January 1 Service cost Interest cost Loss from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2018 (5 millions) $ 480 300 70 40 during 2018 10 (36 > 28 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