5) Explain the following characteristics of fair value accounting for non-current liabilities. a) How is fair value determined? (Note the text doesn't mention this issue so you will have to speculate a bit based on what you know about now market rates of interest are imputed for some notes.) b) How are changes in fair value of non-current liabilities accounted for? c) Explain how a firm can record a gain from deterioration in their credit worthiness if they use fair value accounting for non-current liabilities.