Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2016 are as follows:

($ millions)
PBO balance, January 1	$	600
Plan assets balance, January 1		300
Service cost		85
Interest cost		65
Gain from change in actuarial assumption		28
Benefits paid		(60)
Actual return on plan assets		13
Contributions 2016		75

The expected long-term rate of return on plan assets was 6%. 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 $16 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

3.	What amount will Electronic Distribution report in its 2016 balance sheet as a net pension asset or net pension liability?