A paper is folded and punched as shown. How will it appear when unfolded?

Identify the figure given in the options which when put in place of the question mark (?) will logically complete the series.
Read the given statements and conclusions carefully. Assuming that the information given in the statements is true, even if it appears to be at variance with commonly known facts, decide which of the given conclusions logically follow(s) from the statements.
Statements:
All drawers are racks.
Some racks are cabinets.
All cabinets are shelves.
Conclusions:
(I) All shelves are racks.
(II) Some shelves are drawers.
Neither conclusion (I) nor (II) follows
Only conclusion (I) follows
Both conclusions (I) and (II) follow
Only conclusion (II) follows