MAD 9-3 Analyze Verizon Verizon Communications Inc. (VZ) is a major telecommunications company in United States. Two recent balance sheets for Verizon disclosed the following informatio Obj 7 regarding fixed assets: Beginning of (in millions) $ 220,163 (136,622) Property, plant, and equipment (net) 84751 83,541 End of Year (in millions) $ 232,215 (147464) inear9of Property, plant, and equipment Accumulated depreciation Verizon's revenue for the year was $125,980 million. Assume the fixed asset turnover ratio for the telecommunications industry averages approximately 1.1. a. Determine Verizon's fixed asset turnover ratio. Round to one decimal place. b.Interpret this ratio with respect to the industry average