I have a question regarding the the recording of a property purchase and I am hoping someone will be able to lead me to an answer. This transaction is rather lengthy, so please bear with me.

On September 17th our non-profit company received a grant for $30,000.00 to purchase a building. We borrowed $100,000.00 to purchase the building. The entries used to record the two items are:

dr cash $130,000.00
cr Notes Payable $100,000.00
cr Revenue $30,000.00 (should this be deferred?)

On September 21st we purchased the The cost of the building ended up being $120,000.00. The value of the land was approx. $20,000.00 so the acquisition cost of the building ended up being $100,000.00 including set up cost. The estimated useful life is 30 years. The entry on the books is:

dr Land $20,000.00
dr Buildings $100,000.00
cr Cash $120,000.00

On September 25 we received a forgivable (30 year) loan from the State in the amount of 50,000.00. If we stop using the building for its intended purpose we have to pay the loan back. The entry on the books is:

dr Cash $50,000.00
cr Revenue $50,000.00 (I don't think this should be here, should be liability - forgivable)

On September 28 we received an additional forgivable (30 year) loan from the state for $20,000.00. This money was used to rehab the property by purchasing furniture, hot water heaters etc... We expensed the items we purchased rather than adding them to the cost of the building. The entry on the books for this is:

dr Expense 20,000.00
dr Cash $20,000.00
cr Revenue $20,000.00 (should be liability - forgivable)
cr Cash 20,000.00

On September 30, we paid $60,000.00 toward the original $100,000.00 loan from Sept. 17. The note was canceled and we were told we did not have to pay the balance on the loan (40,000.00). The entry for this was:

dr Notes Payable $100,000.00
cr Revenue $40,000.00 (this entry is okay)
cr Cash $70,000.00

So my questions are should the Grant for $30,000.00 be recorded as revenue for September or should it be deferred over the life of the building?

How do we record the $70,000.00 forgivable loan from the state? It should be a liability(Mortgage Payable) with the forgivable portion recorded to revenue each year. But since we already have the cost of the building recorded I'm not sure what to debit.

I think we overstated our revenue for September but I'm not sure how to correct this. If anyone can help or tell me the correct way to record this transaction I would appreciate it. Thank you in advance for taking the time to lend me hand and to help me make sense of this.