Step 1: We are given statements related to C\(_4\) plants and their processes. Let's evaluate each one:
- Statement I: "In C\(_4\) plants, PEP carboxylase is present in mesophyll cells." This is correct, as C\(_4\) plants have PEP carboxylase in their mesophyll cells to initiate the C\(_4\) cycle.
- Statement II: "In C\(_4\) plants mesophyll cells lack RuBisCO enzyme." This is correct. Mesophyll cells in C\(_4\) plants do not have RuBisCO; instead, it is present in the bundle sheath cells.
- Statement III: "In C\(_4\) plants, bundle sheath cells are rich in RuBisCO enzyme." This is correct. RuBisCO is concentrated in bundle sheath cells, which perform the Calvin cycle.
- Statement IV: "In C\(_4\) plants bundle sheath cells lack PEP carboxylase." This is correct. PEP carboxylase is found in the mesophyll cells, not the bundle sheath cells.
Thus, all four statements are correct. Therefore, the correct answer is option (1) I, II, III and IV.