E15-3 On September 1, 2013, Priora Corporation issued $600,000 of 10-year, 3% bonds at 96. Interest is payable semi-annually on September 1 and March 1. Priora's fiscal year-end is February 28. Instructions (a) Is the market rate of interest higher or lower than 3%? Explain. (b) Record the issue of the bonds on September 1, 2013. (c) Record the accrual of interest on February 28, 2014, assuming the semi-annual amortization amount for this Interest period is $1,014. (d) Identifywhatamounts, if any, would be reported as a current liability and non-current liability with respect to the bonds and bond interest accounts on February 28, 2014. (e) Record the payment of interest on March 1, 2014