unch 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: Short Retails 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 $51,800 for 20X4 and paid dividends of $30,400. 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 $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.)

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 $ 50,000 183,000 27,eee 95, eee 580, eee (225,eee) 124.ee $ 917,eee $ 30,eee 83,60 140,000 65,000 310,eee (130,00) $ 498, eee Assets Cash Accounts Receivable Inventory Land Buildings and Equipment Less: Accunulated Depreciation Investment in Short Retail Stores Total Assets Liabilities and Equity Accounts Payable Bonds Payable Preferred Stock (510 par value) Common Stock: $1e par value $5 par value Retained Earnings Total Liabilities and Equity $ 107,000 250, eee 200,000 $ 43,000 280, eee 182.ee 150,eee 210,000 $ 917, eee 188,888 55,eee $ 498, eee 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 $51.800 for 20x4 and paid dividends of $30.400. 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 2024 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 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 $ 50,000 183,000 27,eee 95, eee 580, eee (225,eee) 124.ee $ 917,eee $ 30,eee 83,60 140,000 65,000 310,eee (130,00) $ 498, eee Assets Cash Accounts Receivable Inventory Land Buildings and Equipment Less: Accunulated Depreciation Investment in Short Retail Stores Total Assets Liabilities and Equity Accounts Payable Bonds Payable Preferred Stock (510 par value) Common Stock: $1e par value $5 par value Retained Earnings Total Liabilities and Equity $ 107,000 250, eee 200,000 $ 43,000 280, eee 182.ee 150,eee 210,000 $ 917, eee 188,888 55,eee $ 498, eee 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 $51.800 for 20x4 and paid dividends of $30.400. 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 2024 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