Problem School1 has employees of two types: Salaried employees and contract employees. School1’s vendors are the companies who supply various types of products to the college. School1 invites guest...

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Problem School1 has employees of two types: Salaried employees and contract employees. School1’s vendors are the companies who supply various types of products to the college. School1 invites guest speakers to deliver inspirational talks. Each employee has a name, email, and pay. Pay is the dollar amount that is paid to an employee as specified when the employee is hired. Pay of salaried employees is specified at the time of hire as amount per annum to be paid as 12 equal payments per month. Contract employees are offered a contract with specified time in months and the contract pay. The contract pay of a contract employee is paid per month with equal payments where each monthly payment is computed as contract pay divided by contract-time in months. School1’s vendors submit an invoice for the supplied materials. The invoice includes the due amount. The due amount in the invoice is paid as one payment. Invited guest speakers are paid a fixed amount as honorarium. Develop a Java application that can prepare a monthly payment statement for all employees, vendors, and guest speakers. The output of the application should be a monthly statement as specified. Monthly Payment Statement for month1 year2 NameEmailPayment amount …………..……….$dddd.dd …………..……….$dddd.dd …………..……….$dddd.dd NOTES: 1. month should be one of [JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SPETEMBER OCTOBER NOVEMEBR DECEMBER] 2. year should be one of [2021 2022 2023 2024 2025] Requirements 1. Code to define an interface “Payable” with one abstract method “payment” which returns double value as the payment amount. 2. Code to define Employee class as an abstract class that implements the Payable interface and the class has three instance variables: employee name, employee email, and employee pay. Along with other methods, the class has an abstract payment method. a. Code to implement Salaried Employee as a subclass of employee with redefined instance variable pay as the salary amount per annum. Along with other methods, the class has an implementation for the payment method as described in the problem statement b. Code to implement Contract Employee as a subclass of employee with redefined instance variable pay as contract pay and an instance variable contract duration in months. Along with other methods, the class has an implementation for the payment method as described in the problem statement 3. Code to define an Invoice class that implements the Payable interface. The class has three instance variables: vendor name, vendor email, and invoice amount. Along with the other methods, the class has an implementation for the payment method as described in the problem statement. 4. Code to define Guest Speaker class that implements the Payable interface. The class has three instance variables: Speaker name, speaker email, and honorarium amount. Along with the other methods, the class has an implementation for the payment method as described in the problem statement. 5. Month and year should be defined as enum type and used accordingly in the application 6. Java application that uses generic programming and a. creates an ArrayList of Payable objects, b. creates one object of salaried employee type and adds the object to the ArrayList collection object c. creates one object of contract employee type and adds the object to the ArrayList collection object d. creates one object of invoice type and adds the object to the ArrayList collection object e. creates one object of guest speaker type and adds the object to the ArrayList collection object f. Displays the payment statement properly formatted as outlined in the problem statement. Evaluation Submitted work will be assessed for the following: 1. Class definitions ----------------50 points 2. Interface definition ------------10 points 3. enum type definition and use10 points 4. Application architecture ------10 points 5. Code quality and Output -----10 points 6. Functionality & completeness10 points