Which of the Following Statements Are Correct

Which of the following statements are correct?
I.Liquidation value of a firm is equal to the present worth of expected future cash flows from operating activities.
II.When an acquiring firm purchases a target firm's equity,the acquirer must assume the target's liabilities.
III.The market value of a public company reflects the worth of the business to minority investors.
IV.The fair market value of a business is usually the lower of its liquidation value and its going-concern value.

A) I and III only
B) II and IV only
C) II and III only
D) I,II,and III only
E) II,III,and IV only