How to fix: Handler “PageHandlerFactory-Integrated” has a bad module “ManagedPipelineHandler” in its module list

I am configuring an MVC 3 project to work on a local install of IIS and came across the following 500 error:
Handler “PageHandlerFactory-Integrated” has a bad module “ManagedPipelineHandler” in its module list.
It turns out that this is because ASP.Net was not completely installed with IIS even though I checked that box in the “Add Feature” dialog.

To fix this, I simply ran the following command at the command prompt

%windir%\Microsoft.NET\Framework64\v4.0.30319\aspnet_regiis.exe -i

If I had been on a 32 bit system, it would have looked like the following:

%windir%\Microsoft.NET\Framework\v4.0.21006\aspnet_regiis.exe -i

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