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: Assets Cash Accounts Receivable Inventory Land Buildings and Equipment Less: Accumulated Depreciation Investment In Short Retail Stores Total Assets Liabilities and Equity Accounts Payable Bonds Payable Preferred Stock ($10 par value) Connon Stock $10 par value nces $5 par value Retained Earnings Total Liabilities and Equity Punch Manufacturing Corporation $51,000 100,000 280,000 110,000 500,000 (225,000) 136,000 $ 952,000 $ 142,000 Short Retall Stores $ 31,000 80,000 135,000 80,000 320,000 (120,000) $ 526,000 $66,000 200,000 90,000 260,000 200,000 150,000 200,000) $ 952,000 100,000 70,000 $ 526,000 Short Retail's 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 $52,000 for 20X4 and paid dividends of $30.800 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 $100,000 in 20X4 and paid dividends of $62,000. 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