Bostonian Company provided the following information related to its defined benefit pension plan for 2017:

PBO on 1/1.......................................................$2,500,000

Fair value of plan assets on 1/1.................................2,000,000

Service cost..........................................................120,000

Actual return on plan assets.......................................320,000

Payments made to retirees on 12/31..............................100,000

Amortization of prior service cost.................................40,000

Recognized actuarial losses.........................................50,000

Contributions made to plan at 12/31..............................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 2017?

2. What is the fair value of plan assets at December 31, 2017?

3. What dollar amount of return on plan assets was deferred in 2017?