Consider the below statements with respect to balanced failure is RCC structures and identify the correct answer.

Statement A: Balanced failure is expected to occur when the compressive strain in the extreme fibre of the concrete reaches the ultimate strain and the tensile strain at the level of centroid of the steel reaches the yield strain.

Statement B: Balanced failure is expected to occur by the simultaneous initiation of crushing of concrete and yielding of steel. 

1
Both statements are correct. 
2
Both statements are incorrect. 
3
Statement A is correct, and statement B is incorrect. 
4
Statement B is correct, and statement A is incorrect. 

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