Question: Prior to its closing, Income Summary had total debits of $450,750 and total credits of $712,500. Briefly explain the purpose served by the income summary

Prior to its closing, Income Summary had total debits of $450,750 and total credits of $712,500.
Briefly explain the purpose served by the income summary account and the nature of the entries that resulted in the $450,750 and the $712,500.

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