Vander Company provides medical care and insurance benefits to its retirees. In the current year, Vander agrees to pay $10,300 for medical insurance and contribute an additional 4% of the employees $208,000 gross salaries to a retirement program. (1) Record the entry for these accrued (but unpaid) benefits on December 31. (2) Assuming $5,800 of the retirement benefits are not to be paid for five years, how should this amount be reported on the current balance sheet?