A new accountant working for Marigold Corp. records $620 depreciation expense on store equipment as follows Dr. Cr. Depreciation Expense... 641 Accumulated Depreciation Equipment. 641 The effect of this entry is to: overstate the book value of the depreciable assets at December 31. O understate the book value of the depreciable assets as of December 31 O adjust the accounts to their proper amounts on December 31 O overstate total assets on the balance sheet as of December 31.