Punch Manufacturing Corporation owns $80$ percent of the common shares of Short Retail Stores. The companies balance sheets as of December $31,20$X$4,$ were as follows:

Short Retail's $8$ percent preferred stock is convertible into $13\mathrm{.}000$ shares of common stock, and its $10$ percent bonds are convertible into $8,000$ shares of common stock. Short reported net income of $$49,800$ for $204$ and paid dividends of $$30,300.$

Punch Manufacturing has $11$ percent preferred stock and $12$ percent bonds outstanding. neither of which is convertible. Punch reported after$-$tax income, excluding investment income from Short, of $$110,000$ in $204$ and paid dividends of $$64,000.$ The companies file separate tax returns and are subject to a $40$ percent income tax.

Required:

Compute basic and diluted EPS for the consolidated entity.

Note: Round your Intermedlate caleulations and final answers so swo decimal ploces.

Answer is complete but not entirely correct.

$\backslash$table$[[$Basic earnings per share,$$\mathrm{.}10,],[$Diluted earnings per share,$$,7\mathrm{.}55$