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Phobos Company holds 80 percent of Deimos Company's voting shares. During the preparation of consolidated...

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Accounting

Phobos Company holds 80 percent of Deimos Company's voting shares. During the preparation of consolidated financial statements for 20X9, the following consolidating entry was made: Investment in Deimos 50,000 Land 50,000 Which of the following statements is correct?

Phobos Company purchased land from Deimos Company during 20X9.

Phobos Company purchased land from Deimos Company before January 1, 20X9.

Deimos Company purchased land from Phobos Company during 20X9.

Deimos Company purchased land from Phobos Company before January 1, 20X9.

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