QUESTION 8 Lowell Inc. just purchased a new tractor. Assume that the firm planned to depreciate the tractor equally over 7 years on a straight-line basis, but Congress then passed a provision that requires the company to depreciate the equipment equally on a straight-line basis over 5 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. a. Lowell's tax liability for the year will be higher. Ob, Lowell's tax liability for the year will be lower. C. Lowell's cash position will decrease. d. Lowell's reported net income after taxes for the year will be higher