Vertical analysis The following income statement data for AT&T Inc. and Verizon Communications Inc. were taken from their recent annual reports (in millions): Revenues Cost of services (expense) Selling and marketing expense Depreciation and other expenses Operating income Required: AT&T $132,447 Verizon $127,079 60,611 49,931 39.697 41,016 20,393 16,533 $11,746 $19,599 a. Prepare a vertical analysis of the income statement for AT&T. Round to one decimal place. AT&T Income Statement Amount Percent Revenues % Cost of services (expense) Selling and marketing expense % % Depreciation and other expenses Operating incomme % % Feedback Check My Work b. Prepare a vertical analysis of the income statement for Verizon. Round to one decimal place.