Which of the following statements is true?

Statement 1	Short term notes, interest bearing or non-interest bearing, are stated at face value
Statement 2	Interest-bearing long-term notes with realistic interest rates shall be stated at face value
Statement 3	Noninterest-bearing long-term notes shall be stated at discounted/present value

a.

Only statement I is false

b.

Only statement II is true

c.

All statements are true

d.

Only statement I is true