Statement 1: Although it’s not possible to cut a rectangle into exactly 4 squares of equal area, the four squares don’t have to be the same size. We can form 4 squares of areas $(8 \times 8)$, $(8 \times 8)$, $(4 \times 4)$, and $(4 \times 4)$ from the given rectangle.

Statement 2: By merging two equal-area congruent triangles, we can form a rectangle. This means we can divide the original rectangle into 5 equal-sized rectangles instead of 10 triangles. Each rectangle can then be cut into two equal triangles, resulting in 10 triangles of equal area.

Conclusion: Both statements 1 and 2 are correct.