Bostonian Company provided the following information related to its defined benefit pension plan for 20X1:

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 20X1?

2. What is the fair value of plan assets at December 31, 20X1?

3. What amount was recognized in OCI in 20X1? Be sure to indicate whether OCI amount represented a loss or a (gain).