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Following are separate income statements for Amarillo, Incorporated, and its $80$ percent$$owned subsidiary, Saltillo Corporation as well as a consolidated statement for the business combination as a whole $($credit balances indicated by parentheses$).$

Accounts Amarillo Saltillo Consolidated

Revenues $ $(718,000)$ $ $(518,000)$ $ $(1,236,000)$

Cost of goods sold $418,000282,000700,000$

Operating expenses $118,00088,000231,000$

Equity in earnings of Saltillo $(98,400)00$

Individual company net income $ $(280,400)$ $ $(148,000)0$

Consolidated net income $ $(305,000)$

Noncontrolling interest in consolidated net income $(24,600)$

Consolidated net income attributable to Amarillo $ $(280,400)$

Additional Information

Annual excess fair over book value amortization of $$25,000$ resulted from the acquisition.

The parent applies the equity method to this investment.

Amarillo has $55,000$ shares of common stock and $7,000$ shares of preferred stock outstanding. Owners of the preferred stock are paid an annual dividend of $$30,000,$ and each share can be exchanged for three shares of common stock.

Saltillo has $36,000$ shares of common stock outstanding.

Saltillo has convertible bonds outstanding, none of which Amarillo owned. During the current year, total interest expense $($net of taxes$)$ was $$31,000.$ These bonds can be exchanged for $15,000$ shares of the subsidiary$$s common stock.

Required:

Determine Amarillo$$s basic and diluted EPS.

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