Consider the following statements regarding the geostationary orbit (GEO):
1. Satellites in geostationary orbit must all occupy a single ring above the equator.
2. An object in such an orbit has an orbital period equal to the Earth’s rotational period.
3. Geostationary orbits are mainly used for placing communication satellites
4. Three equally-spaced GEO satellites can provide near global coverage.
Which of the above statements are correct?