What are $X$ and $Y$ respectively in the following reactions?

Conversion of $X$ to $Y$ in the above reaction is

Identify the correct statements about $Z$.

$$ \mathrm{C}_2 \mathrm{H}_5 \mathrm{NH}_2 \xrightarrow[0^{\circ} \mathrm{C}]{\mathrm{NaNO}_2 / \mathrm{HCl}} X \xrightarrow{\mathrm{H}_2 \mathrm{O}} Y \xrightarrow{\mathrm{Cu} / 573 \mathrm{~K}} Z $$

I. $Z$ is an aldehyde.

II. $Z$ undergòes Cannizzaro reaction.

III. $Z$ gives iodoform test.

IV. $Z$ does not give, test with Tollens' reagent.