The following represents the five steps in the revenue recognition model, in random order:
1. Determine the transaction price Identify the contract with the customer
2. Recognize revenue as the entity satisfies performance obligations
3. Allocate the transaction price to the performance obligations in the contract
4. Identify the performance obligations in the contract
5. Identify the contract with a customer.
Place the steps to apply the core revenue recognition principle into the correct order.
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