Given below are two statements: Statement I: The product of the reaction of phenol with bromine depends on the nature of the solvent. Statement II: The reaction of phenol with bromine in $CHCl_3$ gives a monosubstituted bromo derivative whereas the reaction of phenol with bromine water yields a trisubstituted bromo derivative of phenol.

In light of the above statements, choose the most appropriate answer from the options given below:

The reaction of phenol with bromine is governed by the solvent's polarity, which affects the activation of the benzene ring:

1. In non-polar or low polarity solvents (like $CHCl_3$, $CS_2$, or $CCl_4$) at low temperatures (273 K), the ionization of phenol is suppressed. The activation of the ring is moderate, resulting in monosubstitution. The products are a mixture of o-bromophenol (minor) and p-bromophenol (major).
2. In aqueous solution (Bromine water), phenol ionizes to form the phenoxide ion. The phenoxide ion is a very strong activator towards electrophilic substitution because it releases more electron density into the ring. This leads to immediate trisubstitution at all available ortho and para positions, forming a white precipitate of 2,4,6-tribromophenol.