I need to know a lot more aboout this space . Do you have a dining room somehwere else ? Do you want to have a TV in this space ? You need to provide info to get real help and not just 100s of peoples preferences.Your idea books are all over the map too so really need info. This space look like it was meant to be LR/ DR

BeverlyFLADeziner your mockup is amazing!

There is a dining room elsewhere in the house…noted in her original post

Don't be tied to the ceiling fixture. You can remove and cap it, and shift to floor and table lamps for a more homey lighting. I think your idea of creating a library end is great. Books (and art) make a house into a home. Together these idea can get expensive, but start with a general plan, and add as you are able. Beverly's idea of choosing an accent color for either end wall is great, and wall-color changes are quick and cheap. Best of luck making a room you love to spend time in.

Thanks for the ideas! Yes, we have another dining room adjacent to our kitchen (see attached)

When we purchased the house, the shelf that is up against the wall was sticking out from the wall in a peninsula postion (see pictures 3 & 4). We thought it was attached until my husband leaned against it and it moved. Prior to that, we were trying to figure out how to have a dining room to seat at least 10 and not be on the white carpet (we entertain family a lot). When the shelf moved, it opened up the room where the fireplace is to then become a dining room adjacent to the kitchen.

We also have a walkout family/game room downstairs so no need for a TV in the living room.

My husband would like a library - that's where that idea came from. We were starting one on the built in shelves in the now dining room, but it looked awkward and out of place. 

Our style is modern farmhouse and my ideabooks are from when we were looking for houses before we purchased in November. I'd see one thing I liked in a picture and I'd save it. The home we ended up buying is a totally different layout than ones I saved ideas for. 

I love the chairs and have been trying to figure out how to "country-ft" them. Pillows has been my answer.

Also - the metal shelf in the kitchen has been removed and the wood shelf has been placed halfway between the white wall and the Stripe wallpapered wall (wallpaper removed is a project for another weekend). ὠ2ὠ2

I LOVE the hanging light fixture in the kitchen and not so much the round one on the ceiling.

Create an on line room planner, to help define two spaces and what/how to layout.

Suggest the far end for bookcase/reading area, with your two chairs, a low table and a new ceiling fixture. Base design of bookcase on volume of books.

Be sure both ends are similar in design.

As for library, you have perfect wall to put some shelving on. Some option

Blue sofa would go good with your chairs

You said modern farmhouse-

https://www.homedepot.com/p/Ekena-Millwork-4-in-x-4-in-x-24-ft-3-Sided-U-Beam-Hand-Hewn-Faux-Wood-Ceiling-Beam-in-Burnished-Pine-BMHH3C0040X040X288BP/314067076?=&irgwc=1&cm_mmc=afl-ir-150372-459920-&clickid=1pqQev0HmxyIT%3AZ2IwX%3ATw6NUkG3IYwBuTzaSM0#overlay

The eating area in the kitchen would simply be the kitchen.

If people have space in their homes, dining room areas are often used for holidays and more formal events. I would not eliminate that option especially since you already have the furnishings.

@Bev, OP saying they have another dining room.