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Question 2 (6 points) PROBLEM 2 (6 marka) Woodbine Stables, Inc., operates several horse-racing tracks throughout Canada. Since most facilities are outdoor tracks only, most of the cash receipts for Woodbine are received from April through October. These funds are usually invested in short-term, very liquid inventments, such as equities and bonds. Among the equities purchased last year was High Tec, a company specializing in automatic vending equipment. The company decided not to sell ite High Tec. shares at the end of last year, and has purchased more of the shares this year. The company intends to continue to purchase shares until it holds enough to make a takeover bid for the company. The accountants have been instructed to continue to classify the investment as short-term until the takeover is accomplished, so that less attention will be directed to it. (Presently, Woodbine has no long-term investment in equities at all.) Required: 1. Is it ethical for a company to attempt to take over another company? Explain. 2. Is it ethical for Woodbine to leave its investment in the short- term investment category? Explain