A company sells a building to a bank in 2013 at a gain of $100,000 and immediately leases the building back for period of five years. The lease is accounted for as an operating lease. The building was originally purchased for $200,000 and currently had a book value of $50,000 at the date of the sale. As a result of the sale and leaseback transaction in 2013, what is the difference between income using U.S. GAAP and IFRS in 2013?

U.S. GAAP income is $100,000 higher.

IFRS income is $100,000 lower.

IFRS income is $50,000 lower.

IFRS income is $80,000 higher.

U.S. GAAP income is $80,000 higher.