George Corporation has a defined benefit pension plan for its employees. The following information is available for 2008:

Required:
1. What was the January 1, 2008 fair value of the plan assets?
2. What is the expected dollar return on plan assets for 2008?
3. What amount of pension expense should George report for the year ended December 31, 2008?
4. What was the dollar amount of return (loss) on plan assets that was deferred during 2008?
5. Make the journal entries to record pension expense, the contribution, and the deferred return (loss).

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PBO at 1/1 Payments made to retirees at 12/31/08 Service cost Actual return on plan assets Plan contributions at 12/31/08 Fair value of plan assets at 12/31/08 Amortization of prior service cost Discount rate Expected rate of return on plan assets $930,000 204,000 196,000 30,000 130,000 880,000 76,000 10% 6%