George Corporation has a defined benefit pension plan for its employees. The following information is available for 2017:

PBO at 1/1................................................$930,000

Payments made to retirees at 12/31.....................204,000

Service cost................................................196,000

Actual return on plan assets...............................30,000

Plan contributions at 12/31..............................130,000

Fair value of plan assets at 12/31........................880,000

Amortization of prior service cost........................76,000

Discount rate...................................................10%

Expected rate of return on plan assets.......................6%

Required:

1. What was the January 1, 2017, fair value of the plan assets?

2. What is the expected dollar return on plan assets for 2017?

3. What amount of pension expense should George report for the year ended December 31, 2017?

4. What was the dollar amount of return (loss) on plan assets that was deferred during 2017?

5. Prepare the journal entries to record pension expense, the contribution, and the deferred return (loss).