I paid off a loan for my business at the very beginning of 2019 and I am working on my balance sheet but I’m confused. I was able to show a 0 balance on the loan under long term liabilities. But my issue now is with the loan fees that I have categorized under current assests and other assets. For 2018 I showed negative $874 under current assets paid in 2018. Since I paid it off January 1, 2019, I had no loan fees paid for 2019. In addition, the total loan fees for this loan was $5241 and this shows under other assets. So now that I have paid off the loan, what happens to the $5241 and the $-874 on the balance sheet?
Also, when I am doing the taxes, I have Loan Fees under assets. Do I show that it was disposed of? If so, what reasoning do I put? The options are “sold, given away, or abandoned.”
Thank you in advance for any advice.
