Try another version of this question On May 31, 2020, Please Grow Landscaping discarded equipment that had a cost of $27,912. Accumulated Depreciation as of December 31, 2019, was $25,500. Assume annual depreciation on the equipment is $2,412. 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 27,912 Less: Accumulated Depreciation 26,505 -1,407 Gain or (Loss) -1,407 Date Description Debit Credit May 31 Depreciation Exp-Equipment 1,005 May 31 Accum. Depr.-Equipment 1,005 May 31 Accum. Depr.-Equipment 26,505 May 31 Loss on Disposal 1,407 May 31 Equipment 27,912