Which of the following are reasons that the value-to-EBITA ratio is superior to the price-to- earnings ratio as a multiple to aid in valuation? 1. The P/E is distorted by capital structure. II. The P/E is distorted by inflation. III. The P/E is distorted by non-operating gains and losses. IV. The P/E is distorted by dividend payouts. OI and III only. O II and III only. O II and IV only. OI, III, and IV only