On January $1,2016,$ Baznik Company adopted a defined benefit pension plan. At that time, Baznik awarded retroactive benefits to certain employees. These retroactive benefits resulted in a prior service cost of $$1,140,000$ on that date $($which it did not fund$).$ Baznik has six participating employees who are expected to receive the retroactive benefits. Following is a schedule that identifies the participating employees and their expected years of future service as of January $1,2016$:

Employee

Expected Years of Future Service

A $1$

B $3$

C $4$

D $5$

E $5$

F $6$

Baznik decided to amortize the prior service cost to pension expense using the years$-$of$-$future$-$service method. The following are the amounts of the components of Baznik$$s pension expense, in addition to the amortization of the prior service cost for $2016$ and $2017$:

$2016$

$2017$

Service cost $$542,500$ $$558,073$

Interest cost on projected benefit obligation $104,000146,637$

Expected return on plan assets $78,900$

Baznik contributed $$903,300$ and $$861,600$ to the pension fund at the end of $2016$ and $2017,$ respectively.

Required:

$1.$ Next Level Prepare a set of schedules for Baznik to determine $($a$)$ the amortization fraction for each year and $($b$)$ the amortization of the prior service cost.

$2.$ Next Level Prepare all the journal entries related to Baznik$$s pension plan for $2016$ and $2017.$