Given below are two statements.
Statement I: Mitochondria are known as the 'power houses' of the cell because they produce cellular energy in the form of ATP.
Statement II: They contain components necessary for aerobic respiration, including DNA, RNA, ribosomes, and proteins for synthesizing ATP.
In light of the above statements, choose the correct answer from the options given below.

Statement I is correct. This statement accurately reflects the main function of mitochondria in eukaryotic cells. During aerobic respiration, mitochondria utilize oxygen to convert organic molecules, such as glucose, into ATP, which serves as the primary energy currency of the cell.

Statement II is also correct.  Mitochondria have their own genetic material in the form of mitochondrial DNA (mtDNA), which encodes essential genes involved in mitochondrial function. They also contain ribosomes and transfer RNA (tRNA) molecules necessary for protein synthesis within the mitochondria. Additionally, mitochondria have specialized proteins embedded in their inner mitochondrial membrane that are involved in the electron transport chain and ATP synthesis.