Islands Rehab, a 501(c)3 not-for-profit organization, had an equity/net assets account balance of $1,000,000 at the end of 2020. Assume that Islands had a reported net income of $200,000 for the calendar year 2021 and had no other adjustments to the equity/net assets account during the year. What would be the organization's equity/net assets account balance at the end of 2021?
200,000
1,000,000
800,000
1,200,000