Try another version of this question On May 31, 2020, Please Grow Landscaping discarded equipment that had a cost of $29,048. Accumulated Depreciation as of December 31, 2019, was $26,600. Assume annual depreciation on the equipment is $2,448. Journalize the partial-year depreciation expense and disposal of the equipment. Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss) Date Description Debit Credit May 31 May 31 May 31 May 31 May 31 Market value of assets received 0 Less: Book value of asset disposed of Cost 29,048 Less: Accumulated Depreciation 27,620 -1,428 Gain or (Loss) -1,428 Date Description Debit Credit May 31 Depreciation Exp-Equipment 1,020 May 31 Accum. Depr.-Equipment 1,020 May 31 Accum. Depr.-Equipment 27,620 May 31 Loss on Disposal 1,428 May 31 Equipment 29,048