Lane Company was incorporated in $2004.$ Because it had become successful, Lane established a defined benefit pension plan for its employees on January $1,2019.$ Due to the loyalty of its employees, Lane granted retroactive benefits to them. These retroactive benefits resulted in $$1,240,000$ of prior service cost on that date. Lane decided to amortize this cost using the years$-$of$-$future$-$service method. Lane$$s actuary and funding agency have provided the following additional information for $2019$ and $2020$: $20192020$ Expected long$-$term $($and actual$)$ rate of return on plan assets $9\%$ Amortization fraction for prior service cost $48/62046/620$ Discount rate $9\%9\%$ Plan assets $(1/1)$ $$0$ $$690,000$ Projected benefit obligation $(1/1)$ $$1,240,000*$ $$1,814,600$ Service cost $$463,000$ $$475,000*$Due to the prior service cost Lane contributed $$690,000$ and $$660,000$ to the pension fund at the end of $2019$ and $2020,$ respectively. No retirement benefits were paid in $2019$ or $2020.$ There are no other components of Lane$$s pension expense. At the end of $2020,$ the projected benefit obligation was $$2,452,914$ and the fair value of the pension plan assets was $$1,412,100.$ Required: $1.$ Compute the amount of Lane$$s pension expense for $2019$ and $2020.2.$ Prepare all the journal entries related to Lane$$s pension plan for $2019$ and $2020.3.$ What is the total accrued$/$prepaid pension cost at the end of $2020?$ Is it an asset or a liability?