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of a long-term obligation payable in a lump sum. Also, on March 10, 2018, Vernon consummated a noncancelable agreement with the lender to refinance the
of a long-term obligation payable in a lump sum. Also, on March 10, 2018, Vernon consummated a noncancelable agreement with the lender to refinance the 7%, $375,000 note on a long-term basis, on readily determinable terms that have not yet been implemented. On the December 31, 2017 balance sheet, the amount of the notes payable that Vernon should classify as short-term obligations is
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