Which of the Following Statements Is/are Correct

Which of the following statements is/are correct?
I.Going-concern value of a firm is equal to the present value of expected net income.
II.When a buyer values a target firm,the appropriate discount rate is the buyer's weighted-average cost of capital.
III.The liquidation value estimate of terminal value usually vastly understates a healthy company's terminal value.
IV.The value of a firm's equity equals the discounted cash flow value of the firm minus all liabilities.

A) II only
B) III only
C) I and II only
D) II and III only
E) II, III, and IV only
F) None of the above.