Create the fixed asset and associated accumulated depreciation accounts, create an asset account called pre-paid interest expense, and the liability account for the loan
Book the purchase
fixed asset 100K debit
pre-paid interest expense 10K debit
loan liability 110K
When you make a payment, the lines on the check would look like
line one: liability account, full amount paid
line two: interest expense, the portion that is interest
line three: pre-paid interest expense, the same interest amount but as a negative number
