Try another version of this question On May 31, 2020, Please Grow Landscaping discarded equipment that had a cost of $26,976. Accumulated Depreciation as of December 31, 2019, was $24,600. Assume annual depreciation on the equipment is $2,376. 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 26,976 Less: Accumulated Depreciation 25,590 -1,386 Gain or (Loss) -1,386 Date Description Debit Credit May 31 Depreciation Exp-Equipment 990 May 31 Accum. Depr.-Equipment 990 May 31 Accum. Depr.-Equipment 25,590 May 31 Loss on Disposal 1,386 May 31 Equipment 26,976