Eagle Mine in Marquette just purchased an expensive piece of equipment. Assume that the firm planned to depreciate the equipment over 5 years on a straight-line basis, but Congress then passed a provision that requires the company to depreciate the equipment on a straight-line basis over 7 years. Other things held constant, which of the following will occur as a result of this Congressional action? Assume that the company uses the same depreciation method for tax and stockholder reporting purposes. Select one: Eagle's tax liability for the year will be lower. O Eagle's cash position will improve (increase). Eagle's operating income (EBIT) will increase O Eagle's taxable income will be lower. Eagle's reported net income for the year will be lower