Analyze the following statements regarding the practice of translation:
I.Compensation is a translation technique used to make up for the loss of a particular effect in the source text by recreating a similar effect elsewhere in the target text.
II.Transcreation is a concept often used in advertising and poetry where the translator has the freedom to reinvent the text while maintaining the original emotional impact.
III.Machine translation has currently reached a level of perfection that eliminates the need for human post-editing or any cultural adaptation in literary works.
Which of the statements above is/are CORRECT?