Cash Accounts Receivable Inventory Property Plant & Equipment, Gross As of December 31, 2019 (amounts in thousands) Accumulated Depreciation Property Plant & Equipment, Net Other Assets Total Assets Stuart Company Balance Sheet 84,000 Accounts Payable 47,000 Debt 42,000 Other Liabilities 243,000 Total Liabilities 71,000 Paid-In Capital 172,000 Retained Earnings 28,000 Total Equity 373,000 Total Liabilities & Equity 28,000 34,000 9,000 71,000 67,000 235,000 302,000 373,000 Cash Accounts Receivable Inventory Stuart Company Balance Sheet As of March 31, 2020 (amounts in thousands) Property Plant & Equipment, Gross Accumulated Depreciation Property Plant & Equipment, Net Other Assets Total Assets 87,000 Accounts Payable 44,000 Debt 50,000 Other Liabilities 243,000 Total Liabilities 72,100 Paid-In Capital 170,900 Retained Earnings 27,000 Total Equity 378,900 Total Sales Revenue of $6,300,000 COGS of 35% of Sales Interest of $150,000 Other Expenses of $200,000 SG&A of $1,260,000 Tax Rate of 35% Liabilities & Equity 19,000 28,000 29,300 76,300 67,000 235,600 302,600 378,900 Revenue and expenses information from January 1 to March 31, 2020 were: What is the net income in the first quarter of 20207 Note: Revenue and expense amounts are provided in dollars but the financial statement units are thousands of dollars. Please specify your answer in the same units as the financial statements (.e, enter the number from your completed income statement).