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D is corrent. Under GASB Statement 33, derived tax revenues, such as sales taxes, should be recognized as revenue for the government-wide statements using accrual accounting, when the underlying transaction takes place. All of the underlying transactions have taken place in the year ended June 30. When using modified accrual accounting, revenue recognition depends upon whether revenues are received in time to pay liabilities of the current period. The State would receive the sales tax collected in May by June 15 and the sales tax collected in June by July 15. The City would receive the sales tax collected in May by July 30 and the sales tax collected in June by August 29, in both cases 45 days after the State received the taxes. Even though the 60-day rule applies only to property taxes, a judgment call would be that the revenues are "available" to both the State and City to pay the liabilities due on June 30. So, all sales taxes would be recognized during the year both by the State and City. As the State gets 2/3 of the taxes (4% of 6%) and the City gets 1/3, the amounts to be recognized would be ($1,050,000 x 2/3) $700,000 for the State and ($1,050,000 x 1/3) or $350,000 for the City.
A is incorrect. The state should recognize $700,000 and Curry should recognize $350,000. 
B is incorrect. The state should recognize $700,000. 
A is incorrect. The state should recognize $700,000 and Curry should recognize $350,000.