Which of the following statement is incorrect regarding number if the given series?

Series I: 121, 291, 529, 961, 1681

Series II: 5, 31, 195, 1359, 10881

I: Sum of wrong number of Series I and correct number of series II is perfect square.

II: Difference of sum of correct number of both the series and wrong number of both the series is not a multiple of four. 

III: Series: 243, 218, ____, 174, 155, 138 Missing number of the series is wrong number of the series II. 

IV: If a series start with the correct number in the series I following the same logic as series I, Fifth number of the series is 2209.