Which of the following is/are false regarding the balance sheet and income statement? 1. The income statement reflects a summary of activity that occurs over some period of time while the balance sheet is a snapshot taken at a single point in time. II. Both represent a summary of activity that occurs over some time period III. The two statements, taken together, give an accurate estimate of the firm's cash flows and market value. Select one: O a. Il only O b.land Ill only O c.ll and Ill only O d. lll only O e.I only FI