Panarin Company entered into two contracts on the same date with Hjalmarsson Corporation. Pana has provided the following analysis of price and cost for the contracts: Hjalmarsson, the customer, may cancel both contracts if either of them is not fulfilled by Panarin in a timely manner. Stand-alone prices are typically $120,000 for the goods in Contract A and $80,000 for the goods in Contract B. Required: Should the two contracts be combined for purposes of applying the 5-step revenue recognition model? What amount of revenue should Panarin associate with each of the contracts? When should revenue be recognized on each of the contracts