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12 MARKS QUESTION 4 Presented below are some business transactions that occurred during 2017 for...

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12 MARKS QUESTION 4 Presented below are some business transactions that occurred during 2017 for Keyla Company: 1. A heavy duty stapler costing $25 is being depreciated over 5 years. The following entry was made: Accumulated Depreciation-Stapler...5 An owner of Keyla Company took a vacation to France and charged the travel expenses to the company. The following entry was made: Travel Expense... Cash An account receivable has been deemed a bad debt. The following entry was made: Allowance for Doubtful Accounts... Accounts Receivable.... 2. 4,000 4,000 3. 9,000 9,000 4. Mlerchandine lnvnorythcost of $420,000is reported at is fair value of $510,00. The following entry was made: Merchandise Inventory.. 90,000 90,000 Gain on Fair Value Adjustment of Inventory 3| P a g e 5. Equipment worth $75,000 was acquired at a cost of $60,000 from a company that was going out of business. The following entry was made: quipment.. Cash Gain from on Fair Value Adjustment on Equipment.15,000 75,000 60,000 Instructions For each situation above, identify the assumption, concept, or constraint that has been violated, if any. If the entry is incorrect, prepare the entry that should have been made, if any

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