8. Carlisle Clinic, a not-for-profit organization, began 2016 with an equity balance of $1,000,000. Assuming Carlisle Clinic reported net income of $200,000 for the year ended December 31, 2015, and had no other adjustments to equity during 2015, what was Carlisle Clinic's equity balance as of December 31, 2014? a. $800,000 b. $1,200,000 c. $200,000 d. $1,000,000