Tiger Ltd. has an ongoing contract to deliver 700 stripes to Orange Inc. over a seven-month period for $ 7,000. After 400 stripes have been delivered, Tiger modifies the contract by promising to delivery 140 more stripes for $ 1,120, or $ 8 per stripe (which is the stand-alone selling price of stripes at the time of contract modification). Tiger regularly sells stripes separately. Under IFRS, which statement about the above contract(s) is true?

	Tiger Ltd should recognize two contracts with Orange Inc. One contract delivers 700 stripes for $7,000, and the other delivers 140 stripes for $1,120.
	Tiger Ltd should recognize only one contract with Orange Inc. that delivers 840 stripes for $8,120.
	Tiger Ltd should recognize only one contract with Orange Inc. that delivers 840 stripes for $8,400.
	Tiger Ltd should recognize only one contract with Orange Inc. that delivers 840 stripes for $6,720.
	None of the above.