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 $ 50,000 $ 30,000 Accounts Receivable 109,000 89,000 Inventory 270,000 125,000 Land 115,000 85,000 Buildings and Equipment 490,000 310,000 Less: Accumulated Depreciation (225,000 ) (150,000 ) Investment in Short Retail Stores 132,000 Total Assets $ 941,000 Short Retails 8 percent preferred stock is convertible into 14,000 shares of common stock, and its 10 percent bonds are convertible into 8,000 shares of common stock. Short reported net income of $54,600 for 20X4 and paid dividends of $30,000. 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 $125,000 in 20X4 and paid dividends of $61,000. 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