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 elements of the company's financial statements?

Multiple Choice

• None of these answer choices are correct.

• Increase assets and increase stockholders' equity by $1,400,000.

• Increase assets and increase stockholders' equity by $480,000.

• Increase cash inflows from investing activities by $480,000.