This change in potential energy appears as heat in the wire and thereby increases the temperature.
(Take, $g =9.8\,ms ^{-2}$ and $\left.\pi=\frac{22}{7}\right)$

$(I)$ the loss of gravitational potential energy of mass $M$ is $Mgl$
$(II)$ the elastic potential energy stored in the wire is $Mgl$
$(III)$ the elastic potential energy stored in wire is $\frac{1}{2}\, Mg l$
$(IV)$ heat produced is $\frac{1}{2}\, Mg l$
Correct statement are :-