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

$($$ millions$)$

PBO balance, January $1$ $$620$

Plan assets balance, January $1400$

Service cost $95$

Interest cost $75$

Gain from change in actuarial assumption $32$

Benefits paid $(64)$

Actual return on plan assets $25$

Contributions $202485$

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 $$18$ million.

Required:

Calculate the pension expense for $2024.$

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 $2024.$

What amount will Electronic Distribution report in its $2024$ balance sheet as a net pension asset or net pension liability?Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during $2024$ are as follows:

PBO balance, January $1$

Plan assets balance, January $1,400$

Service cost $,95$

Interest cost $,75$

Gain from change in actuarial assumption $32$

Benefits paid $(64)$

Actual return on plan assets $,25$

Contributions $2024,85$

The expected long$-$term rate of return on plan assets was $8\%.$ There were no AOCl 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

$$18$ million.

Required:

Calculate the pension expense for $2024.$

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 $2024.$

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

liability?

Complete this question by entering your answers in the tabs below.

Required $1$

Calculate the pension expense for $2024.$

Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions $($i$.$e$.,10,000,000$ should

be entered as $10).$