Which of the following statements is (are) correct? The following statements are related to options.

I) Payoff to firm stockholders can be viewed as a form of call option

II) Combination of a short in-the-money call and a long stock position produces upside opportunity risk

III) Combination of a long put and a long stock position produce unlimited upside risk

IV) Combination of a short put and a short call at the same strike and expiration dates produce limited downside risk

V) Compared to vertical spreads, covered calls are more capital intensive.