Punch Manufacturing Corporation owns 80 percent of the common shares of Short Retail Stores. The companies' balance sheets as of December 31, 20X4, were as follows: Punch Manufacturing Corporation Short Retail Stores Assets Cash Accounts Receivable Inventory Land Buildings and Equipment Less: Accumulated Depreciation Investment in Short Retail Stores Total Assets $ 51,000 103,000 250,000 115,000 510,000 $ 31,000 83,000 120,000 85,000 340,000 (120,000) (225,000) 124,000 $928,000 $539,000 Liabilities and Equity Accounts Payable Bonds Payable Preferred Stock ($10 par val Common Stock: $108,000 270,000 200,000 $ 94,000 200,000 90,000 ue $10 par value $5 par value Retained Earnings 150,000 200,000 $928,000 100,000 55,000 $539,000 Total Liabilities and Equity Short Retail's 8 percent preferred stock is convertible into 15,000 shares of common stock, and its 10 percent bonds are convertible into 8,000 shares of common stock. Short reported net income of $51,400 for 20X4 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 $120,000 in 20X4 and paid dividends of $65,000. 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. (Round your intermediate calculations and final answers to two decimal places.) Basic earnings per share Diluted earnings per share