U.S. GAAP is considered a mixed-measurement system because some items are recorded at historical cost and some items are recorded at fair value. Which of the following statements are true? 1. Property, Plant, and Equipment is an example of an item recorded at fair value since accounting records what the item is worth II. Fair value tends to be more relevant but less faithfully represented III. Historical cost tends to be more relevant but less faithfully represented O I and 11 O I and III O III only O ll only O I only