Prior to its closing, Income Summary had total debits of $1,190,500 and total credits of $1,476,300.

What purpose is served by the income summary account and what is the nature of the entries that resulted in the $1,190,500 and the $1,476,300?

The income summary account is used to the accounts. The $1,190,500 represents the , and the $1,476,300 represents . The company had of $.