Ogilvie Corp. issued 12,000 shares of no-par stock for $40 per share. Ogilvie was authorized to issue

Question:

Ogilvie Corp. issued 12,000 shares of no-par stock for $40 per share. Ogilvie was authorized to issue 35,000 shares. What effect will this event have on the company's financial statements?
A. Increase assets by $1,400,000, increase equity by $1,400,000.
B. Increase assets by $480,000, increase equity by $480,000.
C. Increase cash flow from investing activities by $480,000.
D. None of these answer choices are correct.