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 11 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2021 (5 millions) $ 520 250 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 $17 million. Assume Electronic Distribution prepares its financial statements according to International Financial Reporting Standards (IFRS). Also assume that 10% is the current interest rate on high-quality corporate bonds. Required: 1. Calculate the net pension cost for 2021. separating its components into appropriate categories for reporting. 2. Prepare the journal entries to record (a) the components of net pension cost, (b)gains or losses. (c) past service cost, (d) funding, and (e) payment of benefits for 2021 3. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability? Calculate the net pension cost for 2021, separating its components into appropriate categories for reporting. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and debit amounts with a positive sign.) Reported in income statement: Service cost-2021 Service cost Reported as OCI: ($ in millions) $ 0 $ 0 Required 2 > > A B C D E F Record service cost. Note: Enter debits before credits. Transaction General Journal Debit Credit A Service cost Record entry Clear entry View general journal Journal entry worksheet < A B Record net interest cost Note: Enter debits before credits. Transaction B D E F General Journal Debit Credit Record entry Clear entry View general journal Record the loss included in OCI. Note: Enter debits before credits. Transaction C General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < B C Record the gain included in OCI. E F Note: Enter debits before credits. Transaction General Journal Debit Credit D > Record entry Clear entry View general journal Journal entry worksheet < A B C D F Record the funding. Note: Enter debits before credits. Transaction E General Journal Debit Credit Record entry Clear entry View general journal entry worksheet < A B C D E 5 GT Record the payment of benefits. Note: Enter debits before credits. Transaction F General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability? (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) million < Required 2