A company enters into 4 long futures contract each with a size of 20,000 units of a commodity for 150 cents per unit. The initial margin is $10,000 and the maintenance margin is $8,000, both on a per contract basis. Consider the following statements.

I. The futures price below which a margin call will occur is $1.4000.

II. The futures price above which $10,000 can be withdrawn from the account is $1.6000. Which of the following is correct?

a. Statement I is correct, Statement II is correct.

b. Statement I is incorrect, Statement II is correct.

c. Statement I is correct, Statement II is incorrect.