Sams Club Company recognizes Sams Club membership fee revenues over the term of the membership, which is 12 months. If their Unearned Membership Fee Revenue account had a balance of $600 million on January 31, 2018, and $550 million on January 31, 2019 and the company received membership fees in cash of $1,100 million during the year, what amount was recognized as Membership Fee Revenue for the fiscal year?

Group of answer choices

$2,140 million

$1,150 million

$1,070 million

$1,054 million