On January 1, 2024, Worchester Company leased non-specialized machinery under a 6-year lease. The machinery has a 10-year economic life. The present value of the monthly lease payments is determined to be 70% of the machinery's fair value. The lease contract includes neither a transfer of title to Worchester nor a bargain purchase option. Worchester will record straight-line lease expense:

Multiple Choice

if using U.S. GAAP, but not IFRS.

neither using U.S. GAAP nor IFRS.

if using IFRS, but not U.S. GAAP.

if using either U.S. GAAP or IFRS.