Question 17 1 pts Assume the following: 2007 2006 Deferred tax assets $16,500 $14,500 Valuation allowance (1,000) (2,000) Net deferred tax assets $15,500 $12,500 Net deferred tax liabilities ($17,000) ($25,000) If the valuation allowance had been the same in 2007 as it was for 2006, the company would have reported $1,000 higher: net income deferred tax assets O income tax expense