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 Cash $ 50,000 $ 30,000 Accounts Receivable 100,000 80,000 Inventory 260,000 120,000 Land 90,000 60,000 Buildings & Equipment 500,000 300,000 Less: Accumulated Depreciation (220,000) (120,000) Investment in Short Retail Stores 120,000 Total Assets $900,000 $470,000 Accounts Payable $ 40,000 $ 20,000 Bonds Payable 300,000 200,000 Preferred Stock ($10 par value) 200,000 100,000 Common Stock: $10 par value 150,000 $5 par value 100,000 Retained Earnings 210,000 50,000 Total Liabilities & Equity $900,000 $470,000 Short Retails 8 percent preferred stock is convertible into 12,000 shares of common stock, and its 10 percent bonds are convertible into 8,000 shares of common stock. Short reported net income of $49,200 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 $100,000 in 20X4 and paid dividends of $60,000. 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.