Given below are two statements:
Statement $I$: Ovulation is caused by $LH$ surge leading to rupture of Graafian follicles.
Statement $II$: Graafian follicle remaining after ovulation transform into corpus luteum and secretes large amount of estrogen.
In the light of the above statements, choose the most appropriate answer from the options given below:

• A
  Both Statement $I$ and Statement $II$ are correct
• B
  Both Statement $I$ and Statement $II$ are incorrect
• C
  Statement $I$ is correct but Statement $II$ is incorrect
• D
  Statement $I$ is incorrect but Statement $II$ is correct