A new accountant working for Metlock, Inc. records $720 Depreciation Expense on store equipment as follows: Dr. Cr. 740 Depreciation Expense.... Accumulated Depreciation Equipment 740 The effect of this entry is to: 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 the book value of the depreciable assets at December 31. O understate total assets on the balance sheet as of December 31