Amber Corporation holds 70 percent of Newtop Company's voting common shares but none of its preferred shares. Summary balance sheets for the companies on December 31, 20X1, are as follows:

Neither of the preferred issues is convertible. Amber's preferred pays a 9 percent annual dividend and Newtop's preferred pays a 10 percent dividend. Newtop reported net income of $45,000 and paid a total of $20,000 of dividends in 20X1. Amber reported $59,000 of income from its separate operations and paid total dividends of $45,000 in 20X1.

Required
Compute 20X1 consolidated EPS. Ignore any taxconsequences.

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Cash Accounts Receivable Inventory Buildings & Equipment Less: Accumulated Depreciation Investment in Newtop Company Total Assets Amber Corporation 14,000 40,000 110,000 280,000 (130,000) 126,000 $440,000 Newtop Company 30,000 50,000 80,000 200,000 (60,000) 2 300,000 70,000 Accounts Payable Wages Payable Preferred Stock Common Stock ($10 par value) Retained Earnings Total Liabilities & Owners' Equity 70,000 40,000 100,000 120,000 110,000 $440,000 50,000 100,000 80,000 300,000