Cedar Omega Company reported net operating losses in 20X3 and 20X4 before experiencing significant operating income in 20X5. The income in 20X5 is sufficient for Cedar Omega to use the entire deferred tax asset created from the net operating losses of 20X3 and 20X4. What impact with the NOL carryforward have on the company's financial statements in 20X5? Net income will be higher. Net income will be lower. Deferred tax assets will be higher. Deferred tax liabilities will be lower.