For each situation below, identify the assumption, concept or constraint that has been violated, if any and why. If the Journal Entry is incorrect, prepare the entry that should have been made. If no Journal Entry is required, state this.

1. A heavy duty stapler costing $25 is being depreciated over 5 years. The following entry was made:

Depreciation ExpenseStapler .................................................... 5 Accumulated DepreciationStapler....................................... 5