$(I)$ 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 :-

Assertion $A$: Steel is used in the construction of buildings and bridges.
Reason $R:$ Steel is more elastic and its elastic limit is high.
In the light of above statements, choose the most appropriate answer from the options given below