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: a. I and III only b. Il only c. Ill only d. II and III only e. I only