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 Short Corporation Retail Stores Assets Cash $ 52,000 $ 32,000 Accounts Receivable 109,000 89,000 Inventory 270,000 120,000 Land 115,000 85,000 Buildings and Equipment 510,000 300,000 Less: Accumulated Depreciation (240,000) (135,000) Investment in Short Retail Stores 132,000 Total Assets $948,000 $ 491,000 Liabilities and Equity Accounts Payable $ 128,000 $ 26,000 Bonds Payable 260,000 200,000 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 65,800 Total Liabilities and Equity $948,000 $ 491,000 4 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 of common stock. Short reported net income of $49,600 for 20x4 and paid dividends of $30,300. 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 $67,000. 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.) 115,000) 1240, VVU) 132,000 $948,000 $ 491,000 LESS: Alumu ldleu vepreciation 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 $ 128,000 260,000 200,000 $ 26,000 200,000 100,000 150,000 210,000 $ 948,000 100,000 65,000 $ 491,000 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 of common stock. Short reported net income of $49,600 for 20x4 and paid dividends of $30,300. 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 $67,000. 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