Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2018 are as follows: ($ millions) $ 630 450 100 80 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 2018 34 (66) 28 The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2018, but at the end of 2018, the company amended the pension formula creating a prior service cost of $19 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 2018, separating its components into appropriate categories for reporting. 2. Prepare the journal entry to record the components of net pension cost, gains or losses, past service cost, 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? Complete this question by entering your answers in the tabs below