Please provide detailed solution.

Sapphire Distribution has a defined benefit pension plan. Pension information concerning the fiscal years 2016 and 2017 are presented Information provided by Pension Plan Actuary: a. Projected bencfit obligation at Dcccmber 31,201.5 b. Prior service cost from plan amendment on January 1, 2016 (straight-line amortization for 10-year average (in '000s) $ 1,815 300 remaining service period.) c. Service cost for 2016 560 d. Service cost for 2017 e. Discount rate used by actuary on projected benefit obligation for 2016 & 2017 f. Payments to retirees in 2016 g. Payments to retirees in 2017 h. No changes in actuarial assumptions or estimates i. Net gain - AOCI on January 1, 2016 j. Net gains and losses are amortized for 10 years beginning in 2016 585 10% 480 500 250 Information provided by Pension Fund Trustee: a. Plan asset balance at fair value on December 31,2015 b. 2016 contributions c. 2017 contributions d. Expected long-tcrm rate of rcturn on plan asscts e. 2016 actual return on plan assets f. 2017 actual return on plan assets S 1,755 540 600 12% 250 362 Required 1. Calculate pension expense for the years ended December 31,2016 & 2017 2. Determine the balances in the PBO and Plan Asset accounts at December 31,2016 and 2017 3. Prepare the journal entries for 2016 and 2017 to record pension expense 4. Prepare the journal entries for 2016 and 2017 to record any gains and losses and new prior service cost. 5. Prepare the journal entries for 2016 and 2017 to record the cash contributions to plan assets and benefits paid to retirees