Following consolidated statement for the business combination as a whole. are separate income statements for Austin, Inc., and its 80 percent owned subsidiary, Rio Grande Corporation as well as a Rio Grande Austin Consolidated $(736,000) 412,000 $(524,000) (1,260,000) Revenues 312,000 82,000 Cost of goods sold Operating expenses Equity in earnincgs of Rio Grande 724,000 228,000 112,000 (75,000) $(287,000) (130,000) Individual company net income (308,000) Consolidated net income (21,000) Noncontrolling interest in consolidated net income (287,000) Consolidated net income attributable to Austin Additional In formation Annual excess fair over book value amortization of $34,000 resulted from the acquisition The parent applies the equity method to this investment. Austin has 50,000 shares of common stock and 9,000 shares of preferred stock outstanding. Owners of the preferred stock are paid an annual dividend of $50,000, and each share can be exchanged for five shares of common stock. Rio Grande has 35,000 shares of common stock outstanding. The company also has 8,000 stock warrants outstanding. For $10 each warrant can be converted into a share of Rio Grande's common stock. Austin holds half of these warrants. The price of Rio Grande's common stock was $20 per share throughout the year. Rio Grande also has convertible bonds, none of which Austin owned. During the current year, total interest expense (net of taxes) was $34,000. These bonds can be exchanged for 11,000 shares of the subsidiary's common stock Determine Austin's basic and diluted EPS. (Round your final answers to 2 decimal places.) Answer is complete but not entirely correct Earnings Per Share 4.74 Basic Diluted 3.02