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 $ 53,000 109,000 270,000 115,000 510,000 (225,000) 128,000 $ 960,000 $ 33,000 89,000 135,000 85,000 300,000 (130,000) $ 512,000 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 $ 120,000 280,000 200,000 $ 62,000 200,000 90,000 150,000 210,000 $ 960,000 100,000 60,000 $ 512,000 Short Retail's 8 percent preferred stock is convertible into 15,000 shares of common stock, and its 10 percent bonds are convertible into 8,000 shares common stock. Short reported net income of 200 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 $110,000 in 20x4 and paid dividends of $65,000. 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