Concept:
In coding-decoding problems, common words between sentences correspond to common code words. By comparing sentences, we identify the mapping.
Step 1: Analyze Statement I alone.
‘sin co bye’ $\rightarrow$ He is good
‘co mot det’ $\rightarrow$ They are good
Common word: good
Common code word: co
Thus, co = good.
Statement I alone is sufficient.
Step 2: Analyze Statement II alone.
‘sin co bye’ $\rightarrow$ He is good
‘sin mic bye’ $\rightarrow$ He is honest
Common words: He, is
Common code words: sin, bye
Thus, remaining word good corresponds to remaining code co.
Statement II alone is sufficient.
Step 3: Conclusion.
Each statement alone is sufficient to determine the answer.
Hence, the correct option is (2): Statement II alone is sufficient.