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Punch Manufacturing Corporation owns $80$ percent of the common shares of Short Retail Stores. The companies$\mathrm{’}$ balance sheets as of December $31,\text{ }20$X$4,$ were as follows:

$\mathrm{ }$Punch Manufacturing CorporationShort Retail StoresAssets$\mathrm{ }\mathrm{ }$Cash$ $58,000$$ $38,000$Accounts Receivable$110,00090,000$Inventory$250,000125,000$Land$105,00075,000$Buildings and Equipment$510,000310,000$Less: Accumulated Depreciation$(230,000)(140,000)$Investment in Short Retail Stores$140,000\mathrm{ }$Total Assets$ $943,000$$ $498,000$Liabilities and Equity$\mathrm{ }\mathrm{ }$Accounts Payable$ $113,000$$ $33,000$Bonds Payable$270,000200,000$Preferred Stock $($$$10$ par value$)200,00090,000$Common Stock:$\mathrm{ }\mathrm{ }$$$10$ par value$150,000\mathrm{ }$$$5$ par value$\mathrm{ }100,000$Retained Earnings$210,00075,000$Total Liabilities and Equity$ $943,000$$ $498,000$

Short Retail$\mathrm{’}$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 $$52,800$ for $20$X$4$ and paid dividends of $$30,900.$

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 $$100,000$ in $20$X$4$ and paid dividends of $$69,000.$ The companies file separate tax returns and are subject to a $40$ percent income tax.

Compute basic and diluted EPS for the consolidated entity.

Note: Round your intermediate calculations and final answers to two decimal places.

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