There are a variety of criteria by which financial markets and their securities can be differentiated. For example, they can be segmented according to the types and maturities of the securities traded, who receives the proceeds of the sale, and the mechanisms used to operate the markets. Consider the following transactions, and indicate which of each category of markets best describes the transaction. Thus, select equity or debt, primary or secondary, and capital or money for each transaction.
Transaction Debt or Equity Market Primary or Secondary Market Capital or Money Market
Phoenix Golf Club Company, a publicly-traded company, sells a new issue of 4.50% twenty-year bonds.
Lucia called her broker to purchase ten of the 5.25% 10-year bonds recently issued by the City of San Francisco.
Kenji uses an online brokerage account to purchase 2,000 shares of Virginia Hydroponics Company at the current market price.

Exercise 12-7 shown below are comparative balance sheets for flint corporation. flint corporation comparative balance sheets december 31 assets 2017 2016 cash $ 201,348 $ 65,142 accounts receivable 260,568 225,036 inventory 494,487 559,629 land 236,880 296,100 equipment 769,860 592,200 accumulated depreciation—equipment (195,426 ) (94,752 ) total $1,767,717 $1,643,355 liabilities and stockholders’ equity accounts payable $ 115,479 $ 127,323 bonds payable 444,150 592,200 common stock ($1 par) 639,576 515,214 retained earnings 568,512 408,618 total $1,767,717 $1,643,355 additional information: 1. net income for 2017 was $275,373. 2. depreciation expense was $100,674. 3. cash dividends of $115,479 were declared and paid. 4. bonds payable amounting to $148,050 were redeemed for cash $148,050. 5. common stock was issued for $124,362 cash. 6. no equipment was sold during 2017. 7. land was sold for its book value. prepare a statement of cash flows for 2017 using the indirect method.