GSA LTD has a defined benefit pension plan. Characteristics of the plan during 2021 are as follows:

	($ millions)
PBO balance, January 1	$	480
Plan assets balance, January 1		300
Service cost		75
Interest cost		45
Gain from change in actuarial assumption		22
Benefits paid		(36	)
Actual return on plan assets		20
Contributions 2021		60

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 $12 million. Required: 1. Calculate the pension expense for 2021. 2. Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2021. 3. What amount will GSA LTD report in its 2021 balance sheet as a net pension asset or net pension liability?