We have had an insurance claim for an asset.   The insurance did not cover all of the damage.  We had to have a large asset item replaced and the value of this was much greater than what we were insured for.  New item 18k  Insurance paid the supplier directly a the value12k.  We paid the difference. 

Should I make an entry into the asset account to account for the difference in cost for the new item?  It is worth more that the old item.

Or do i need to create a new income account for the insurance coverage?  I only have an insurance expense account set up right now

I also prefer to have the entire purchase invoice in my accounting system so we can look it up in future years.  This means I would enter the 18k invoice and pay from the bank what we covered.  How should I cover the remaining balance paid by insurance?

I think I am overthinking this but.. Help