George Corporation has a defined benefit pension plan for its employees. The following information is available for 20X1:

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, 20X1, fair value of the plan assets?

2. What is the expected dollar return on plan assets for 20X1?

3. What amount of pension expense should George report for the year ended December 31, 20X1?

4. What was the dollar amount of loss (gain) on plan assets that was recognized in OCI during 20X1?

5. Prepare the journal entries to record pension expense, the contribution, and the OCI effects.