Consider the following statements with respect to the laterite soil:

1. The laterite soils develop in areas with high temperature and high rainfall.

2. These soils are rich in organic matter, nitrogen, phosphate and calcium, while iron oxide and potash are present in poor quantities.

3. Red laterite soils in Tamil Nadu, Andhra Pradesh and Kerala are more suitable for tree crops like cashew nuts.

Which of the above statements is/are correct?