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 $ 52,000 $ 32,000 Accounts Receivable 105,000 85,000 Inventory 250,000 125,000 Land 115,000 85,000 Buildings and Equipment 510,000 320,000 Less: Accumulated Depreciation (245,000 ) (145,000 ) Investment in Short Retail Stores 128,000 Total Assets $ 915,000 $ 502,000 Liabilities and Equity Accounts Payable $ 75,000 $ 52,000 Bonds Payable 280,000 200,000 Preferred Stock ($10 par value) 200,000 90,000 Common Stock: $10 par value 150,000 $5 par value 100,000 Retained Earnings 210,000 60,000 Total Liabilities and Equity $ 915,000 $ 502,000 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 $51,000 for 20X4 and paid dividends of $30,500. 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 $70,000. 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