Step 1: Gibbs Free Energy and Cell Potential.
The relationship between Gibbs free energy change and cell potential is given by:
\[
\Delta G = -nFE
\]
Substituting the values \( \Delta G^\circ = -237.2 \, \text{kJ/mol} \) and \( n = 2 \), we get the emf \( E = 1.23 \, \text{V} \).
Step 2: Conclusion.
The correct answer is (C), +1.23 V.