Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows:

	($ millions)
DBO balance, January 1	$620
Plan assets balance, January 1	400
Service cost	95
Interest cost	75
Gain from change in actuarial assumption	32
Benefits paid	(64)
Actual return on plan assets	25
Contributions 2024	85

The expected long-term rate of return on plan assets was 8%. 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 $18 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?