Current Attempt in Progress A new accountant working for the Sunland's store incorrectly records $940 Depreciation Expense on store equipment on December 31 as follows: Dr. Cr Depreciation Expense Cash 940 940 The effect of this entry is to understate total assets on the balance sheet as at December 31. O overstate the carrying amount of the long-lived assets as at December 31 O adjust the accounts to their proper amounts on December 31. understate the carrying amount of the long-lived assets as at December 31