Question starts from down here and goes up, for some reason I was unable to post the screenshots in order
Baznik contributed $911,500 and $906,100 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. BAZNIK COMPANY Score: 96/96 Amortization Fractions 2016-2021 Prepare the entries to record the prior service cost on January 1,2016, and the pension expense and amortization of prior service costs on December 3 2016 and 2017. How does grading work? 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 $1,176,000 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: 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 : Baznik contributed $911,500 and $906,100 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. BAZNIK COMPANY Score: 96/96 Amortization Fractions 2016-2021 Prepare the entries to record the prior service cost on January 1,2016, and the pension expense and amortization of prior service costs on December 3 2016 and 2017. How does grading work? 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 $1,176,000 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: 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
