eBook Print Item 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 Operating income Required: AT&T Verizon $132,447 $127,079 60,611 49,931 39,697' 41,016 20,393 16,533 $11,746 $19,599 a. Prepare a vertical analysis of the income statement for AT&T. Round to one decimal place. AT&T Income Statement Revenues Amount Percent % % Cost of services (expense) Selling and marketing expense Depreciation and other expenses % Operating income % Feedback b. Prepare a vertical analysis of the income statement for Verizon. Round to one decimal place. Verizon Income Statement Revenues Cost of services (expense) Selling and marketing expense Depreciation and other expenses Operating income Feedback Amount Percent % % % % %