A student compares the following Lewis structures for nitrous oxide, \(\text{N}_2\text{O}\), which has the atom connectivity \(\text{N}-\text{N}-\text{O}\).

Structure I: \(\text{N}\equiv\text{N}-\text{O}\), with one lone pair on the terminal nitrogen atom, no lone pairs on the central nitrogen atom, and three lone pairs on the oxygen atom.

Structure II: \(\text{N}=\text{N}=\text{O}\), with two lone pairs on the terminal nitrogen atom, no lone pairs on the central nitrogen atom, and two lone pairs on the oxygen atom.

Each structure uses 16 valence electrons and gives every atom an octet. Which statement correctly identifies the favored Lewis structure and justifies the choice using formal charges?