Remaining Time: 1 hour, 34 minutes, 14 seconds. Question Completion Status: 10 QUESTION 13 Presented below are some business transactions that occurred during 2021 for Kilgana Company: 1. A heavy-duty stapler costing $25 is being depreciated over 5 years. The following entry was made: Depreciation Expense-Stapler 5 Accumulated Depreciation-Stapler 5 2. The owner of Kilgana Company took a vacation to France and charged the travel expenses to the company. The following entry was made: Travel Expense 4,000 Cash 4,000 3. An account receivable has been deemed a bad debt. The following entry was made: Allowance for Doubtful Accounts 9,000 Accounts Receivable 9,000 4. Merchandise Inventory with a cost of $420.000 is reported at its fair value of $510.000. The following entry was made: Merchandise Inventory 90.000 Gain on Fair Value Adjustment of Inventory 90.000 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: Equipment 75,000 Cash 60.000 Gain from on Fair Value Adjustment on Equipment 15,000 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 fany. TTTA T-E- E- Save All Answers g