Segment analysis for a service company Charles Schwab Corporation (SCHW) is a large brokerage and wealth management company that operates in two segments: Investor Services and Advisor Services. In recent financial statements, Schwab reported the following (in millions): Revenues Operating income Depreciation Investor Advisor Services Services $8,608 $3,083 3,079 1,221 288 126 a. The Investor Services segment serves the retail customer, you and me. These are the brokerage, Internet, and mutual fund services used by individual Investors. The Advisor Services segment includes the same services provided for financial institutions, such as banks, mutual fund managers, insurance companies, and pension plan administrators. b. Indicate whether the following costs are a "Variable Cost" or a "Fixed Cost" in the "Investor Services" segment. 1. Commissions to brokers Nariable Cost 2. Fees paid to exchanges for executing trades Variable Cost 3. Depreciation on brokerage offices Fixed Cost 4. Transaction fees incurred by Schwab mutual funds to purchase and sell shares Variable Cost 5. Property taxes on brokerage offices Fixed Cost 1. Commissions to brokers Variable Cost 2. Fees paid to exchanges for executing trades Variable Cost 3. Depreciation on brokerage offices Fixed Cost 4. Transaction fees incurred by Schwab mutual funds to purchase and sell shares (Variable Cost 5. Property taxes on brokerage offices Fixed Cost 6. Depreciation on brokerage office equipment, such as computers and computer networks Fixed Cost 7. Advertising Variable Cost 8. Amortization of intangible assets Fixed Cost c. Estimate the contribution margin for each segment, assuming depreciation represents the majority of fixed costs. Estimated contribution margin Investor Services Advisor Services (in millions) (in millions) d. If Schwab decided to sell its "Advisor Services" accounts to another company, estimate how much operating income would decline under the following assumptions. Assume the fixed costs that serve Advisor investors would not be sold but would be used by the other sector: s Assume the fixed assets were "sold": million million-