Adam is a contract employee of QS Berhad starting from 1/1/2016 whereby the contract's terms indicate that he will receive a lump-sum monetary reward upon the expiry of his 5 years contract The amount is calculated based on 5% of his last drawn salary for each year of service. Adam's annual salary for the first year is RM50,000. The actuarial assumption is that his salary will increase by 10% per annum and the discount rate is 8%.

(i) Calculate the amount of lump-sum payment due to Adam on 1/1/2021. (2 Marks)

(ii) Prepare the schedule of expense and provisions for liability for 2016 to 2020. (5 Marks)

(iii) Prepare the relevant accounting entries for the years 2016, 2017, 2018, and 2019 for QS Berhad to record the amount obtained in question d(ii) above. (3 Marks)