Dixon Management requires tenants to sign a three-year lease and charges $5,000 per month for one floor in its midtown high-rise. In addition to the monthly fee, payable at the beginning of each month, tenants pay a nonrefundable fee of $12,000 to secure the lease. Required: Identify the performance obligation(s) and the timing of revenue recognition of each. Explain whether the revenue should be recognized over time or at a point in time.