The company’s bank loans ($1,500,000) are all due on June 30, 20X8. However, Server Planet has a firm lending agreement with the bank to renew and…

The company’s bank loans ($1,500,000) are all due on June 30, 20X8. However, Server Planet has a firm lending agreement with the bank to renew and extend $1,000,000 of this amount on a 5-year basis. The company intends to exercise this renewal option, but is not yet sure about the final disposition of the remainder.

The company’s bank loans ($1,500,000) are all due on June 30, 20X8. However, Server Planethas a firm lending agreement with the bank to renew and extend $1,000,000 of this amount on a5-year…