How to record Building (fixed asset) and the current Mortgage balance?
I am setting up new books for a company. They purchased a building many years ago and have been making payments. The building was purchased for (example) $100,000. Their current mortgage balance is $75,000. How can I set up the books to reflect the $100,000 building as a fixed asset, and what's left on the long-term note payable of $75,000, so that I can start recording principal and interest payments going forward?