Which statement correctly describes the phosphate ion, PO 3-4? It is composed of one phosphorus atom and four oxygen atoms covalently bonded together, and there is a –3 charge distributed over the entire ion. It is composed of one phosphorus atom and four oxygen atoms covalently bonded together, and there is a –3 charge on the phosphorus atom. It is composed of one phosphorus atom and four oxygen atoms ionically bonded together, and there is a –3 charge distributed over the entire ion. It is composed of one phosphorus atom and four oxygen atoms ionically bonded together, and there is a –3 charge on the phosphorus atom.