Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2016 are as follows: ($ millions) PBO balance, January 1 $ 530 Plan assets balance, January 1 300 Service cost 50 Interest cost 30 Gain from change in actuarial assumption 36 Benefits paid (46) Actual return on plan assets 23 Contributions 2016 40 The expected long-term rate of return on plan assets was 9%. There were no AOCI balances related to pensions on January 1, 2016, but at the end of 2016, the company amended the pension formula creating a prior service cost of $18 million. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Required: 1. Calculate the pension expense for 2016. 2. Prepare the journal entry to record pension expense, gains or losses, prior service cost, funding, and payment of benefits for 2016.