Classify the following transactions as taking place in the primary or secondary markets: (LG 1-1)

a. IBM issues $200 million of new common stock.

b. The New Company issues $50 million of common stock in an IPO.

c. IBM sells $5 million of GM preferred stock out of its marketable securities portfolio.

d. The Magellan Fund buys $100 million of previously issued IBM bonds.

e. Prudential Insurance Co. sells $10 million of GM common stock.

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