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P 10-6 [EPS] Compute basic and diluted EPS (options; preferred stock) Pop Corporation owns an 80 percent interest in Son Corporation. Throughout 2016, Pop had 20,000 shares of common stock outstanding. Son had the following securities outstanding: 10,000 shares of common stock Options to purchase 2,000 shares of Son Corporation common at $15 per share 1,000 shares of 10%, $100 par, convertible, preferred stock that are convertible into 3,000 shares of Son common stock Income data for the affiliates for 2016 are as follows: Pop Son $ 55,000 $120,000 Separate incomes Income from Son ($45,000 income to common X 80%) - $6,000 patent amortization 30,000 $150,000 $ 55,000 REQUIRED: Compute basic and diluted earnings per share for Pop Corporation and Subsidiary for 2016. assuming an average market price for Son Corporation common stock of $30 per share