Eagle Corporation holds 80 percent of the common shares of Standard Company. The following balance sheet data are reported by the companies for December 31, 20X1:

An 8 percent annual dividend is paid on the Eagle Corporation preferred stock and a 12 percent dividend is paid on the Standard Company preferred stock. The preferred shares of Eagle are not convertible. The Standard Company preferred shares can be converted into 15,000 shares of common stock at any time. For 20X1, Standard Company reports net income of \(\$ 45,000\) and pays total dividends of \(\$ 20,000\), and Eagle Corporation reports income from its separate operations of \(\$ 60,000\) and pays total dividends of \(\$ 35,000\).
\section*{Required}
Compute basic and diluted earnings per share for the consolidated entity for \(20 \mathrm{X} 1\).

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Cash Accounts Receivable Inventory Eagle Corporation $ 50,000 80,000 140,000 Standard Company $ 40,000 60.000 90.000 Buildings and Equipment 700,000 300,000 Less: Accumulated Depreciation (280.000) (140,000) Investment in Standard Company Stock 160.000 Total Assets $850,000 $350,000 Accounts Payable $120,000 $ 50,000 Taxes Payable 80.000 Preferred Stock ($10 par value) 200.000 100,000 Common Stock: $10 par value 100,000 $5 par value 50.000 Retained Earnings 350,000 150,000 Total Liabilities and Owners' Equity $850,000 $350,000