Handler "PageHandlerFactory-ISAPI-4.0_32bit" has a bad module "IsapiModule" in its module list

The above answer helped me but needed some additional steps, here is the full process I had to do.

Go to Control panel -> Programs and Features -> Turn Windows features on or off. Make sure you have the following selected:

Next, refresh IIS Manager. You should now see ISAPI and CGI restrictions on the root level of features of IIS, click Allow for both versions of .NET v4.0

did you enabled asp.net for IIS in programs and features ? check it in programs and features -> Turn windows features on or off -> internet information service -> world wide web services -> application development features -> asp.net !

Just to add: if there is more than one framework on the machine, please install the framework in IIS by using 'aspnet_regiis -i', which is the .NET framework home directory (e.g. on my machine, is C:\Windows\Microsoft.NET\Framework\v4.0.30319)