Which of the following statements correctly describes physical and chemical change?

Physical change is a process that results in the formation of a new substance. On the other hand, a chemical change is a process that only results in a change in the physical state of a substance.

Physical change is a process that only results in a change in the physical state of a substance. On the other hand, a chemical change is a process that results in the formation of a new substance.

Physical and chemical change can alter both the physical state and chemical composition of the substance at the same time.