Eckert, Inc. on January 1, 2020 initiated a noncontributory, defined-benefit pension plan that grants benefits to its 100 employees for services rendered in years prior to the adoption of the pension plan. The total expected service-years of the 100 employees who are expected to receive benefits under the plan is 1,200. An actuarial consulting firm has indicated that the present value of the projected benefit obligation on January 1, 2020 was $5,040,000. On December 31, 2020 the following information was provided concerning the pension plan's operations for its first year. Employer's contribution at end of year $1,600,000 Service Cost $ 600,000 Projected Benefit Obligation $ 6,043,200 Plan Assets (at Fair Value) $ 1,600,000 Expected Return on Plan Assets 9% Settlement rate 8% Question: By what amount does PENSION ASSET/LIABILITY change in 2020?