A small airplane operates for hire over water beyond power-off gliding distance from shore. What must be readily available?

1. 1A life raft for each occupant and a satellite phone for the pilot
2. 2Flotation gear for each occupant and a pyrotechnic signaling device
3. 3Flotation gear for the pilot only and a pyrotechnic signaling device
4. 4A radio beacon on board and a flare gun for the pilot

Source: 14 CFR Part 91, § 91.205 Powered civil aircraft with standard U.S. airworthiness certificates: Instrument and equipment requirements.