On December 31, 2017 the following Trial Balance was extracted from the books of Magenta Limited.

Details/Accounts	Dr	Cr
Capital	-	378,375
Acc. Prov. for Depreciation: Computer Jan. 2017	-	11,250
Acc. Prov. for Depreciation: Equipment Jan. 2017	-	12,375
Accounts payable	-	101,250
Commission Received	-	13,500
Loan	-	45,000
Sales	-	153,750
Purchases	43,500	-
Office Expenses	46,500	-
Miscellaneous Expenses	2,775	-
Salary and Wages	29,250	-
Carriage inwards	375	-
Telephone Expense	900	-
Rent expense	7,875	-
Electricity Expense	4,275	-
Discounts allowed	600	-
Return Inwards	1,500	-
Stock, January 1, 2017	13,500	-
Accounts receivable	146,250	-
Cash at Bank	87,750	-
Drawings	33,450	-
Land	147,000	-
Computer	63,750	-
Equipment	86,250	-
	715,500	715,500

The following additional information has been made available:

Salary and wages accrued $700.

Telephone expense accrued $2500.

Depreciation is to be provided for as follows: Computer at 5% of cost; Equipment at 25% of cost.

Stock at December 31, 2017 was valued at $21,000.

Required:

Prepare an Income Statement for the year ending December 31, 2017.

From the information provided:

List three (3) items that should be classified as Non-Current Assets

List three (3) items that should be classified as Current Assets

Explain the Accrual Concept.

Explain the Dual Aspects Concept.