Check my work Plug Corporation holds 80 percent of Socket Company's common stock. The following balance sheet data are presented for December 31, 20x7: Plug Corporation Socket Company $ Assets Cash Accounts Receivable Inventory Land Buildings and Equipment Less: Accumulated Depreciation Investment in Socket Company Total Assets Liabilities and Equities Accounts Payable Bonds Payable Preferred Stock $100 par value) Common Stock ($10 par value) Retained Earnings Total Liabilities and Equities $ 107,000 160,000 305,000 92,000 2,210,000 (815,000) 616,000 $2,675,000 97,000 230,000 305,000 320,000 930,000 (280,000) $1,602,000 4 $ 175,000 800,000 1,000,000 700,000 $2,675,000 $ 132,000 500,000 200,000 400,000 370,000 $1,602,000 Socket reported net income of $115,000 in 20x7 and paid dividends of $61,000. Its bonds have an annual interest rate of 8 percent and are convertible into 34,000 common shares. Its preferred shares pay an 11 percent annual dividend and convert into 20,000 shares of common stock. In addition, Socket has warrants outstanding for 10,000 shares of common stock at $8 per share. The 20x7 average price of Socket common shares was $40. Plug reported income of $330,000 from its own operations for 20x7 and paid dividends of $220,000. Its 10 percent bonds convert into 26,000 shares of its common stock. The companies file separate tax returns and are subject to income taxes of 40 percent. Required: RAVIndiantaranulatiane and Check my work (280,000) (815,000) 616,000 $2,675,000 $1,602,000 Less: Accumulated Depreciation Investment in Socket Company Total Assets Liabilities and Equities Accounts Payable Bonds Payable Preferred Stock ($100 par value) Common Stock ($10 par value) Retained Earnings Total Liabilities and Equities $ 175,000 800,000 1,000,000 700,000 $2,675,000 $ 132,000 500,000 200,000 400,000 370,000 $1,602,000 Socket reported net income of $115,000 in 20x7 and paid dividends of $61,000. Its bonds have an annual interest rate of 8 percent and are convertible into 34,000 common shares. Its preferred shares pay an 11 percent annual dividend and convert into 20,000 shares of common stock. In addition, Socket has warrants outstanding for 10,000 shares of common stock at $8 per share. The 20x7 average price of Socket common shares was $40. Plug reported income of $330,000 from its own operations for 20x7 and paid dividends of $220,000. Its 10 percent bonds convert into 26,000 shares of its common stock. The companies file separate tax returns and are subject to income taxes of 40 percent. Required: Compute basic and diluted EPS for the consolidated entity for 20x7. (Round your intermediate calculations and final answers to two decimal places.) Basic earings per share Diluted earnings per share