Quality Furniture produces handmade furniture. It has a leased plant in Michigan which it closed in the fourth quarter of 2015. The lease is not cancelable and one year of the lease remains as of December 31, 2015. The annual lease payment is $200,000. There is no prospect of subleasing this plant. The production was moved to Mexico to reduce labor costs. During the fourth quarter of 2015, there was a reduction of labor costs of $50,000, while production remained constant. The controller conservatively estimates the labor savings will exceed $200,000 in 2016. Assuming the company reports using US GAAP, what, if any, accounting is required for this lease? Assuming the company reports using IFRS, would your answer be different? If so, why?