Question: The following incomplete (columns have missing amounts) pension spreadsheet is for Old Tucson Corporation (OTC). ($ in millions) debit (Credit) PBO Plan Assets Prior Service
The following incomplete (columns have missing amounts) pension spreadsheet is for Old Tucson Corporation (OTC).
| ($ in millions) debit (Credit) | PBO | Plan Assets | Prior Service Cost | Net (Gain) loss | Pension Expense | Cash | Net Pension (Liability)/Asset | ||||||||||||||||||||
| Beginning balance | (430 | ) | 44 | ||||||||||||||||||||||||
| Service cost | 41 | ||||||||||||||||||||||||||
| Interest cost | |||||||||||||||||||||||||||
| Expected return on assets | (16 | ) | |||||||||||||||||||||||||
| Gain/loss on assets | (0.75 | ) | |||||||||||||||||||||||||
| Amortization of: | |||||||||||||||||||||||||||
| Prior service cost | (4 | ) | |||||||||||||||||||||||||
| Net gain/loss | |||||||||||||||||||||||||||
| Loss on PBO | (18 | ) | 18 | ||||||||||||||||||||||||
| Contributions to fund | (35 | ) | |||||||||||||||||||||||||
| Retiree benefits paid | 29 | (29 | ) | ||||||||||||||||||||||||
| Ending balance | (495 | ) | 249 | 40 | 57 | (246 | ) | ||||||||||||||||||||
What was the balance of the net pension asset/liability reported in the balance sheet at the end of the previous year?
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