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 $ 56,000 105,000 260,000 95,000 510,000 (250,000) 144,000 $ 920,000 $ 36,000 85,000 125,000 65,000 320,000 (145,000) $ 486,000 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) Common Stock: $10 par value $5 par value Retained Earnings Total Liabilities and Equity $ 80,000 280,000 200,000 $ 16,000 200,000 90,000 150,000 210,000 $ 920,000 100,000 80,000 $ 486,000 Short Retail's 8 percent preferred stock is convertible into 13,000 shares of common stock, and its 10 percent bonds are convertible into 8,000 shares of common stock. Short reported net income of $51,600 for 20X4 and paid dividends of $30,100. 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 $130,000 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. (Round your intermediate calculations and final answers to two decimal places.) Basic earnings per share Diluted earnings per share