Segment Contribution Margin Analysis The Walt Disney Company (DIS) is a global entertainment company that is organized into four business segments as follows: Media Networks: Television production and distribution, including ABC television network, ESPN, National Geographic. Parks, Experiences, and Products: characters, comic books, and magazines. Studio Entertainment: Music and motion picture production and distribution, including Twentieth Century Studios, Marvel, and Lucasfilm. Direct-to-Consumer \& International: Streaming services, including Disney+, ESPN+, and Hulu. For a recent year, Disney reported the following segment results (in millions): Assume the following percentages of total operating expenses for each segment are variable: a. Prepare a variable costing income statement for The Walt Disney Company by segment. If required, use a minus sign to indicate an operating loss. Round all amounts to nearest million. c. Based on your answers to (a) and (b), interpret the segment performance. All segments generated a. contribution margin, even though the Parks, Experiences, and Products and Direct-to-Consumer \& International segments generated operating . The Media Networks segment generated the Products and Studio Entertainment segments generated approximately the contribution margin and contribution margin ratio. The Parks, Experiences, and Products segment generated contribution margin than the Studio Entertainment segment. The Direct-to-Consumer \& International segment generated the contribution margin ratio and : contribution margin. The recent COVID-19 pandemic affected the preceding results. The Parks, Experiences, and Products and Studio Entertainment segments were affected. Thus, the preceding results are of Disney's normal operations for these segments