1. An image processing apparatus comprising: circuitry configured to: receive a captured moving image captured by an image capturing apparatus; calculate, on a basis of a first captured image included in the captured moving image and a second captured image positioned subsequent to the first captured image along a time axis of the captured moving image, transformation information relating to the first captured image and the second captured image; hold a history image, the history image being a combination of individual captured images including the first captured image, the individual captured images being positioned prior to the second captured image along the time axis of the captured moving image; transform at least one of the history image and the second captured image on a basis of the calculated transformation information; accept a selecting operation of selecting an image to be transformed; combine the history image and the second captured image by writing the second captured image over the history image, at least one of which has been transformed in response to the accepted selecting operation, to generate a composite image; hold the composite image as a new history image; combine the new history image and a third captured image by writing the third captured image over the history image, at least one of which has been transformed, to generate a new composite image, the third captured image being positioned subsequent to the second captured image along the time axis of the captured moving image; output the composite image and the new composite image; and sequentially display the composite image and the new composite image.