Consider the following statements, with reference to the Balance of Payments (BoP):

1. It is a record of the transactions in goods, services, and assets between residents of a country with the rest of the world for a specified time period typically a year.

2. It represents a summation of the country’s current demand and supply of the claims on foreign currencies and of foreign claims on its currency.

3. The capital account records exports and imports in goods, trade in services and transfer payments.

Which of the above statement is/are correct?