Intercorporate Investments - Consolidation statements, interest, balance, company, control

d2rockstar

I don' think this should be that hard, but I am a little confused.

Example:

Company 1 has a 50% interest in company 2 and company 1 is deemed to have control.

When consolidating the financial statemetns what % of company 2 assets, liab., revenue, and income will company 1 show on it's financial statements?

EOC Questions 7 - 12 for this chapter make it seem as if Company 1 will record 100% of company 2 assets/liab. on it's own balance sheet, 100% of revenue, and only 50% of net income.

If that is correct, why does company 1 record 100% of company 2 revenue, but only 50% of income? (or maybe I am just misunderstanding)

Thanks.