Pain Corporation holds 90 percent of Soothing Company's common shares but none of its preferred shares. On the date of acquisition, the fair value of the noncontrolling interest was equal to 10 percent of the book value of Sothing Company. Summary balance sheets for the companies on December 31, 20X8, are as follows: Pain Corporation Company $ 80, 000 40, e00 160, 000 135,000 $415, e00 50,000 50, 000 100, e00 215, e00 $415,000 Soothing $ 70,000 30, 000 150,000 Cash and Receivab les Inventory Buildings and Equipment (net) Investment in Soothing Company Total Assets $250,000 Accounts Payable Preferred Stock ($10 par value) Common Stock ($5 par value) Retained Earnings Total Liabilities and Owners' Equity $ 25,000 75,000 50,000 100,000 $250,000 Pain's preferred pays a 8 percent annual dividend, and Soothing's preferred pays a 10 percent dividend. Soothing's preferred shares can be converted into 20,000 shares of common stock at any time. Soothing reported net income of $35,000 and paid a total of $10,000 of dividends in 20X8. Pain reported income from its separate operations of $80,000 and paid total dividends of $25,000 in 20X8. Based on the information provided, what is the basic earnings per share for the consolidated entity for 20X8? a) $5.04 b) $5.24 c) $3.80 d) $5.1