Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2021 are as follows: (S millions) $520 250 PBO balance, January 1 Plan assets balance, January 1 Service cost Interest cost Goin from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2021 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)galns 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? (S in millions) Reported in income statement: Service cost-2021 95 Past service cost 17 Service cost 112 Reported as OCI: Remeasurement gain from assumption change-OCI 112 %24 Record service cost. Note: Enter debits before credits. Transaction General Journal Debit Credit Service cost 112 DBO (2021 service cost) 95 DBO (past service cost) 17 Record net interest cost Note: Enter debits before credits. Transaction General Journal Debit Credit B. Net interest cost 27 Plan assets 25 DBO 52 Record the loss included in OCI. Note: Enter debits before credits. Transaction General Journal Debit Credit Remeasurement loss-OCI Plan assets Record the gain included in OCI. Hote: Enter debits before credits. Transaction General Journal Debit Credit DBO Remeasurement gain-OCI