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 12 MARKS made: Depreciation Expense Stapler Accumulated Depreciation-Stapler. 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. 0 9,000 9,000 4. Merchandise Inventory with a cost of $420,000 s reported at its fair value of $610,000. The following entry was made: Merchandise Inventory. 90,000 Gain on Fair Value Adjustment of Inventory.90,000 31Page 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 12 MARKS made: Depreciation Expense Stapler Accumulated Depreciation-Stapler. 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. 0 9,000 9,000 4. Merchandise Inventory with a cost of $420,000 s reported at its fair value of $610,000. The following entry was made: Merchandise Inventory. 90,000 Gain on Fair Value Adjustment of Inventory.90,000 31Page