Step 1: Understanding the Concept
Nephrons are of two types, cortical and juxtamedullary.
Step 2: Check Statement (I)
Cortical nephrons lie mostly in the cortex and have a short loop of Henle extending very little into the medulla. This is correct.
Step 3: Check Statement (II)
Juxtamedullary nephrons lie near the cortex and medulla border and have long loops going deep into the medulla, which helps form concentrated urine. This is correct.
Step 4: Conclusion
Both statements are correct.
Final Answer:
Both statements are correct.
\[ \boxed{\text{(A) }\text{Both Statement (I) and Statement (II) are correct.}} \]