Which of the following statements is accurate regarding what is reported on Schedule K-1 (Form 1041)?

Part I of Schedule K-1 (Form 1041) reports information about the beneficiary receiving the Schedule K-1.

Schedule K-1 (Form 1041) reports a beneficiary's share of income, deductions, and credits passed through from a trust or estate.

It is not necessary for a trust to file a Schedule K-1 (Form 1041) for each income beneficiary when income has not been distributed.

Part II of Schedule K-1 (Form 1041) reports information about the entity and the personal representative.