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Suppose the following historical data is from the consolidated income statements filed by a media corporation. Consolidated Statement of Income Year ended December 31

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Suppose the following historical data is from the consolidated income statements filed by a media corporation. Consolidated Statement of Income Year ended December 31 2013 2012 2011 (in millions, except per share data) Revenue $64,658 $62,572 $55,842 Costs and Expenses: Programming and production 19,671 19,931 16,596 Other operating and administrative 18,585 17,835 16,646 Advertising, marketing and promotion 4,970 4,833 4,243 Depreciation 6,255 6,152 6,040 Amortization 1,618 1,650 1,596 51,099 50,401 45,121 Operating Income 13,559 12,171 10,721 Other Income (Expense): Interest expense (2,573) (2,519) Investment income (loss), net 577 221 (2,505) 159 Equity in net income (losses) of investees, net (85) 961 (35) Other income (expense), net (363) 775 (133) (2,444) (562) (2,514) Income before income taxes 11,115 11,609 8,207 Income tax expense (3,979) (3,742) (3,050) Net income 7,136 Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock (318) 7,867 (1,660) 5,157 (997) Net Income Attributable to Corporation $6,818 $6,207 $4,160 Basic earnings per common share attributable to Corporation Corporation shareholders $2.60 $2.32 $1.51 Diluted earnings per common share attributable to Corporation Corporation shareholders $2.56 $2.28 $1.50 Dividends declared per common share 50.78 $0.65 $0.45

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