Final answer:
The phase of the cell cycle where each cell is undergoing biochemical events required to prepare for cell division and each chromosome consists of two identical chromatids is the G2 phase of interphase.
Step-by-step explanation:
The phase of the cell cycle where each cell is undergoing biochemical events required to prepare for cell division and each chromosome consists of two identical chromatids is the G2 phase of interphase.
During the G2 phase, the cell continues to grow and makes the necessary preparations for mitosis. It is during this phase that proteins responsible for condensing chromatin into the paired chromatids are synthesized.
The G0 phase is a resting phase, and the G1 phase is focused on cell growth. Therefore, the correct answer is G2 (option B).