Ok, we had on our balance sheet as an asset a timeshare. The purchase price was ,000. In June of last year, the account was "cancelled". Effectively, the timeshare was cancelled and we lost our investment in it. The creditor, I was told, wrote off the balance, which was about ,000. It was never depreciated because it was dealt with like real property. I am trying to figure out how to remove this from my books. Do I just debt Loss on Investment Property or some such account for the ,000 difference between the book value and the principal balance? Thanks.
