Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2021 are as follows: 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 Contributions 2021 ($ millions) $529 250 95 65 34 (44) 17 85 The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2021, but at the end of 2021, the company amended the pension formula, creating a prior service cost of $17 million. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Required: 1. Calculate the pension expense for 2021. 2. Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2021 3. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Required 1 Required 2 Required 3 Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) No Transaction General Journal Debit Credit A 140 Pension expense Plan assets PBO 20 160 B B 17 Prior service cost-OCI PBO 17 34 PBO Gain-OCI 34 X D 3 D Loss OCI > Plan assets 3 E E 85 Plan assets Cash 85 44 F F PBO Plan assets 44 Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2021 are as follows: PBO balance, January 1 Plan assets balance, January 1 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2021 ($ millions) $529 250 95 65 34 (44) 17 85 The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2021, but at the end of 2021, the company amended the pension formula, creating a prior service cost of $17 million. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Required: 1. Calculate the pension expense for 2021. 2. Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2021 3. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Required 1 Required 2 Required 3 Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) No Transaction General Journal Debit Credit A 140 Pension expense Plan assets PBO 20 160 B B 17 Prior service cost-OCI PBO 17 34 PBO Gain-OCI 34 X D 3 D Loss OCI > Plan assets 3 E E 85 Plan assets Cash 85 44 F F PBO Plan assets 44