Study thoroughly the following statements and identify which of the following is/are correct and incorrect?
$I.$ Bile salt present in bile is responsible for emulsifying the fats in the small intestine.
$II.$ Sodium and potassium salts of glycocholic and taurocholic acid are bile salts.
$III.$ The $pH$ of hepatic bile is $8.6$,while the $pH$ of gall bladder bile is $7.6$ or $7.5$.
$IV.$ The flow of bile from the liver takes place through the hepatic duct,common bile duct,hepatopancreatic ampulla,and finally to the first part of the small intestine.
$V.$ Rats and horses do not require a gall bladder to store bile.
Choose the correct option.

• A
  $I, III$ and $IV$ are incorrect,while $II$ and $V$ are correct.
• B
  All statements are correct.
• C
  Statement $II$ and $V$ are incorrect while $I, III$ and $IV$ are correct.
• D
  All statements are incorrect.