A new accountant working for Sunland Company records $770 depreciation expense on store equipment as follows Depreciation Expense..... Accumulated Depreciation-Equipment. The effect of this entry is to: Dr. Cr. 789 789 O overstate the book value of the depreciable assets at December 31. O adjust the accounts to their proper amounts on December 31. O understate the book value of the depreciable assets as of December 31. O overstate total assets on the balance sheet as of December 31.