Vertical analysis The following income statement data for AT&T Inc. and Verizon Communications Inc. were taken from their recent annual reports (in millions): Revenues Cost of services (expense) Selling and marketing expense Depreciation and other expenses AT&T Verizon $132,447 $127,079 60,611 49,931 39,697 41,016 20,393 16,533 $ 11,746 $19,599 Operating income Required: a. Prepare a vertical analysis of the income statement for AT&T. Round to one decimal place. AT&T Income Statement Revenues Amount 132.447 Percent 100 % Cost of services (expense) 60,611 V 100 X% Selling and marketing expense 39.697 V 29.97 X % Depreciation and other expenses 20,393 V 1539 X% Operating income 11.746 8.86 X% Feedback Check My Work Previous b. Prepare a vertical analysis of the income statement for Verizon. Round to one decimal place. Verizon Income Statement Amount Percent Revenues. 127,079 V 100 % Cost of services (expense) 49,931 % Selling and marketing expense 41,016 % Depreciation and other expenses 16.533 % Operating income 19,599 % Feedback