A not-for-profit organization, began in 2016 with an equity balance of $1,000,000. Assuming the organization reported net income of $200,000 for the year ended December 31, 2015, and had no other adjustments to equity during 2015, what was the organization's equity balance as of December 31, 2014? Please show work.

a. $800,000. b. $1,200,000. c. $200,000. d. $1,000,000.