Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during $2024$ are as follows:

$($$ millions$)$

DBO balance, January $1$ $$480$

Plan assets balance, January $1300$

Service cost $75$

Interest cost $45$

Gain from change in actuarial assumption $22$

Benefits paid $(36)$

Actual return on plan assets $20$

Contributions $202460$

The expected long$-$term rate of return on plan assets was $8\%.$ There were no AOCI balances related to pensions on January $1,2024,$ but at the end of $2024,$ the company amended the pension formula, creating a prior service cost of $$12$ 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:

Calculate the net pension cost for $2024,$ separating its components into appropriate categories for reporting.

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 $2024.$

What amount will Electronic Distribution report in its $2024$ balance sheet as a net pension asset or net pension liability?