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Following are separate income statements for Austin, Inc., and its 80 percent-owned subsidiary. Rio Grande Corporation as well as a consolidated statement for the business combination as a whole (credit balances indicated by parentheses) 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 - Austin has 50,000 shares of common stock and 9,000 shares of preferred stock outstanding. Owners of the preferred stock are paid an annual dividend of $50,000, and each share can be exchanged for five shares of common stock. - Rio Grande has 35,000 shares of common stock outstanding. The company also has 8,000 stock warrants outstanding For $10, each warrant can be converted into a share of Rio Grande's common stock. Austin holds half of these warrants. The price of Rio Grande's common stock was $20 per share throughout the year. - Rio Grande also has convertuble bonds, none of which Austin owned. During the current year, total interest expense (net of taxes) was $34,000. These bonds can be exchanged for 11,000 shares of the subsidiary's common stock. Determine Austin's basic and diluted EPS. (Round your intermediate percentage value to 1 decimal place. Round your final answers to 2 decimal places.) Following are separate income statements for Austin, Inc., and its 80 percent-owned subsidiary. Rio Grande Corporation as well as a consolidated statement for the business combination as a whole (credit balances indicated by parentheses) 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 - Austin has 50,000 shares of common stock and 9,000 shares of preferred stock outstanding. Owners of the preferred stock are paid an annual dividend of $50,000, and each share can be exchanged for five shares of common stock. - Rio Grande has 35,000 shares of common stock outstanding. The company also has 8,000 stock warrants outstanding For $10, each warrant can be converted into a share of Rio Grande's common stock. Austin holds half of these warrants. The price of Rio Grande's common stock was $20 per share throughout the year. - Rio Grande also has convertuble bonds, none of which Austin owned. During the current year, total interest expense (net of taxes) was $34,000. These bonds can be exchanged for 11,000 shares of the subsidiary's common stock. Determine Austin's basic and diluted EPS. (Round your intermediate percentage value to 1 decimal place. Round your final answers to 2 decimal places.)

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