Varsity League Inc. issues 240,000 common shares for $12 per share. The journal entry is:

Varsity League Inc. issues 240,000 common shares for $12 per share. The journal entry is: O A. Cash 2,880,000 Common Shares 240,000 Gain on the Sale of Shares 2,640,000 O B. Cash 2,880,000 Common Shares 2,880,000 OC. Cash 240,000 Common Shares 240,000 OD. Cash 2,880,000 Common Shares 480,000 Contributed Surplus on Common Shares 2,400,000