Listed below are several statments that relate to financial accounting an reporting, identify the accounting concept that applies to each statement.

$1.$ Jenna Asare is the sole owner of Asare Applicances. Jenna borrowed $$100,000$ to buy a new home to be used as their personal residence. This liability was not recorded in the records of Asare Applicances.

$2.$ Apple incorporated distributes an annual report to its shareholders

$3.$ Hewlet$-$Packard Corporation depreciates machinery and equipment over their useful lives.