An employee enters into a 5-year contract with an employee benefit of 8% on the final annual salary for each year of service is payable on the termination of service. The expected final year salary is $120,000. The discount rate used is 4% p.a. (a) Discuss the types of employee benefit Short Term Benefits, Post Employment benefit, Termination Benefit, Other Long-Term employee benefits. Which category of employee benefit is the contract likely to be? (b) Compute the benefits to be provided each year and prepare the journal entries to record the transactions.