Verizon: Fixed asset turnover ratio Verizon Communications Inc. is a major telecommunications company in the United States. Two recent balance sheets for Verizon disclosed the following information regarding fixed assets: Property, plant, and equipment Accumulated depreciation Property, plant, and equipment (net) Beginning of End of Year Year (in millions) (in millions) $220,865 $209,575 (131,909) (120,933) $88,956 $88,642 Verizon's revenue for the year was $120,550 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.) Verizon