The Complicated Circuits Co. just purchased a new production line. Assume that the firm planned to depreciate the equipment over 7 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 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, The company's tax liability for the year will be higher: The company's taxable income will be lewee. The company's reported net income after taxes for the year will be higher. The company's cash position wil worsen (decrease). The company's net fixed assets on the baiance sheet will be higher at the end of the vear