Step 1: Understanding the Concept:
Meiosis is a specialized cell division process that reduces the chromosome number by half, producing four genetically diverse haploid daughter cells.
It consists of two successive nuclear divisions: Meiosis I and Meiosis II.
Step 2: Detailed Explanation:
Statement (I) states that Meiosis I is known as equational division.
This statement is incorrect.
Meiosis I is referred to as the reductional division.
During Meiosis I, homologous chromosomes pair up and subsequently separate into two different nuclei.
This reduces the starting diploid ($2n$) chromosome number to a haploid ($n$) number.
In contrast, Meiosis II is the division known as the equational division, because sister chromatids separate, keeping the chromosome count identical ($n \rightarrow n$), similar to a mitotic division.
Statement (II) states that the cells produced by Meiosis I contain the haploid number of chromosomes.
This statement is correct.
At the end of telophase I and cytokinesis I, the two resulting daughter cells have one chromosome from each homologous pair.
Although each chromosome still consists of two sister chromatids joined at the centromere, the total chromosome count in each cell is haploid ($n$).
Thus, Statement (I) is incorrect but Statement (II) is correct.
Step 3: Final Answer:
The correct option is (C).