Bostonian Company provided the following information related to its defined benefit pension plan for 2014:
PBO on 1/1/14 $2,500,000
Fair value of plan assets on 1/1/14 2,000,000
Service cost 120,000
Actual return on plan assets 320,000
Payments made to retirees on 12/31/14 100,000
Amortization of prior service cost 40,000
Recognized actuarial losses 50,000
Contributions made to plan during 2014 80,000
Interest rate for discounting pension obligations 6%
Expected return on plan assets 8%

Required:
1. What amount of pension expense should Bostonian report for 2014?
2. What is the fair value of plan assets at December 31, 2014?
3. What dollar amount of return on plan assets was deferred in 2014?