Which of the following statements correctly describes the light reactions and dark reactions taking place during photosynthesis?
(i) Light reactions occur in grana thylakoids whereas dark reactions occur in stroma of chloroplasts.
(ii) Light reactions generate ATP and NADPH2 whereas dark reactions consume ATP and NADPH2.
(iii) Oxygen is released as a by-product during the light reactions as well as dark reactions.
(iv) Light reactions take place in the presence of light and dark reactions are independent of the products formed during light reactions.