For transactions with an associate, which of the following statement(s) is (are) correct? 1. Lag between purchase and resale of assets result in overstatement/understatement of revenue, expenses and the transferred assets. II. Balances resulting from the transactions should be eliminated Ill. For transferred inventory, the carrying amount on the consolidated financial statements should be the lower of original cost as transacted with third parties and net realizable value. IV. Balances with associates are not eliminated and profit or loss from transactions between an investor and its associates are recognized only to the extent of the unrelated investors' interests. O All of the above O III and IV only I only IV only