A state collects sales taxes for a city. During calendar year 2022 the state remits $1,000,000 to the city for sales taxes collected for the city. On January 30, 2023, the state sends the city $240,000 for sales taxes collected in the fourth quarter of 2022. On March 1, 2023, the state sends the city $60,000 for sales taxes applicable to 2022 but sent in by late filers. The city has a stated policy of treating sales taxes as "available" if received by March 30 of the year after the applicable sales tax year. Based on the foregoing information only, how much should the city recognize as sales tax revenues in its financial statements for the year ended December 31, 2022? $1,000,000 $1,300,000 $1,060,000 $1,360,000