Question: Tembec Inc Access the 2008 annual report of Tembec Inc

Tembec Inc. Access the 2008 annual report of Tembec Inc. for the period ended September 27, 2008 from SEDAR
1. Read Note 1 to Tembec's financial statements for the year ended September 27, 2008 Describe the Plan of Arrangement that was implemented on February 29, 2008. What was the value of the new equity that was issued?
2. Explain what is required to implement “fresh start” accounting. When is it allowed to be done?
3. How was the restructuring completed? Prepare the appropriate journal entries from the information provided in Note 1.
4. How was the “fresh start” accounting applied? Explain the nature of the fair value adjustments and how much was required to adjust each asset and liability account.

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