Niceville Company pays property taxes of $100,000 in the second quarter of the year. Which of the following statements is true with respect to the recognition of property tax expense in interim financial statements?

• Under U.S. GAAP, the company would report property tax expense of $100,000 in the second quarter of the year.
• Under IFRS, the company would report property tax expense of $100,000 in the second quarter of the year.
• Under IFRS, the company would report property tax expense of $25,000 in the first quarter of the year.
• Under U.S. GAAP, the company would report property tax expense of $33,333 in each of the second, third, and fourth quarters of the year