Using the selected financial data:

a. Make a table showing the income statement (in M$)

b. Use the table created to create a common size income statement (% of operating revenues)

c. Show year-on-year (YoY) growth

d. What happened to the profit margins?

e. What are the actual tax rates?

Can you please include the formulas used in the excel spreadsheet.

Year Ended December 31, 2019 2018 2017 (in millions, except per share data) Operating Revenue: Passenger $ 42,277 $ 39,755 $ 36,947 753 865 744 Cargo Other Total operating revenue 3,977 3,818 3.447 47,007 44.438 41,138 11.225 10.743 10.058 8.519 6.756 9,020 3,438 3,584 3.466 2.108 2,175 2.329 2.222 Operating Expense: Salaries and related costs Aircraft fuel and related taxes Regional carriers expense, excluding fuel Contracted services Depreciation and amortization Passenger commissions and other selling expenses Landing fees and other rents Aircraft maintenance materials and outside repairs Profit sharing Passenger service Ancillary businesses and refinery Aircraft rent 1,827 1,941 1,662 2,641 2.581 1,993 1,762 1.751 1,643 1.251 1.245 1,575 1,301 1,178 1,695 1,501 1,591 1,065 1,123 1,495 394 423 1.771 351 1.609 1,723 Other Total operating expense 40,389 39,174 35,172 Operating Income 6,618 5.264 5.966 Non-Operating Expense: Interest expense, net Gain/(loss) on investments, net (301) (311) (396) 119 38 (238) 160 (70) Miscellaneous, net Total non-operating expense, net (420) (113) (466) Income Before Income Taxes 6,198 5,151 5,500 Income Tax Provision (1,431) (1,216) (2,295) Net Income $ 4,767 S 3,935 $ 3.205 $ 7.32 $ 5.69 $ Basic Earnings Per Share Diluted Earnings Per Share Cash Dividends Declared Per Share 4.45 4.43 $ 7.30 $ 5.67 $ $ 1.51 $ 1.31 $ 1.02 in M$ 2018 in % 2018 YoY Growth 2018 2019 2017 2019 2017 2019 Answer part d in box below: Operating Revenues Operating Expenses: Salaries, wages and benefits Aircraft fuel and related taxes Landing fees and other rents Depreciation and amortization Maintenance, materials and repairs Other operating expenses Total Operating Expenses Operating Income Other income/(expense) Income before taxes Income tax expense Net Income Actual tax rate Year Ended December 31, 2019 2018 2017 (in millions, except per share data) Operating Revenue: Passenger $ 42,277 $ 39,755 $ 36,947 753 865 744 Cargo Other Total operating revenue 3,977 3,818 3.447 47,007 44.438 41,138 11.225 10.743 10.058 8.519 6.756 9,020 3,438 3,584 3.466 2.108 2,175 2.329 2.222 Operating Expense: Salaries and related costs Aircraft fuel and related taxes Regional carriers expense, excluding fuel Contracted services Depreciation and amortization Passenger commissions and other selling expenses Landing fees and other rents Aircraft maintenance materials and outside repairs Profit sharing Passenger service Ancillary businesses and refinery Aircraft rent 1,827 1,941 1,662 2,641 2.581 1,993 1,762 1.751 1,643 1.251 1.245 1,575 1,301 1,178 1,695 1,501 1,591 1,065 1,123 1,495 394 423 1.771 351 1.609 1,723 Other Total operating expense 40,389 39,174 35,172 Operating Income 6,618 5.264 5.966 Non-Operating Expense: Interest expense, net Gain/(loss) on investments, net (301) (311) (396) 119 38 (238) 160 (70) Miscellaneous, net Total non-operating expense, net (420) (113) (466) Income Before Income Taxes 6,198 5,151 5,500 Income Tax Provision (1,431) (1,216) (2,295) Net Income $ 4,767 S 3,935 $ 3.205 $ 7.32 $ 5.69 $ Basic Earnings Per Share Diluted Earnings Per Share Cash Dividends Declared Per Share 4.45 4.43 $ 7.30 $ 5.67 $ $ 1.51 $ 1.31 $ 1.02 in M$ 2018 in % 2018 YoY Growth 2018 2019 2017 2019 2017 2019 Answer part d in box below: Operating Revenues Operating Expenses: Salaries, wages and benefits Aircraft fuel and related taxes Landing fees and other rents Depreciation and amortization Maintenance, materials and repairs Other operating expenses Total Operating Expenses Operating Income Other income/(expense) Income before taxes Income tax expense Net Income Actual tax rate