Step 1: Read the two statements.
Statement I: Hardy-Weinberg says allele frequency of a gene happens by chance. Statement II: This equilibrium reduces genetic variation by removing low frequency alleles.
Step 2: What Hardy-Weinberg really says.
The principle says that in a large, randomly mating population with no evolutionary forces acting, allele frequencies stay constant from one generation to the next. It is about stability, not about chance.
Step 3: Judge Statement I.
Since the frequencies stay constant due to fixed conditions and not by random chance, Statement I is incorrect.
Step 4: Judge Statement II.
Under Hardy-Weinberg equilibrium the gene pool is preserved, so variation is maintained, not reduced. No alleles are removed. So Statement II is also incorrect.
Step 5: Combine.
Both statements give a wrong picture of the principle.
Step 6: Conclusion.
Therefore the correct answer is "Statement I and Statement II are incorrect". \[ \boxed{\text{Both incorrect}} \]