Phobos Company holds 80 percent of Seimos Company's voting shares. During the preparation of consolidated financial statements for 20X9, the following consolidating entry was made:Investment in Seimos50,000 Land 50,000 Which of the following statements is correct?
A. Seimos Company purchased land from Phobos Company before January 1, 20X9.
B. Seimos Company purchased land from Phobos Company during 20X9.
C. Phobos Company purchased land from Seimos Company during 20X9.
D. Phobos Company purchased land from Seimos Company before January 1, 20X9.
Answer: A
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