As of December 31, 2018 (amounts in thousands) Save your Cash 143,000 Accounts Payable 41,000 Debt 58,000 Other Liabilities 210,000 Total Liabilities 62,000 Paid-In Capital 148,000 Retained Earnings 19,000 32,000 40,000 91,000 77,000 229,000 306,000 397,000 Accounts Receivable Inventory Property Plant & Equipment, Gross Property Plant & Equipment, Net Other Assets Total Assets 7,000 Total Equity 397,000 Total Liabilities & Equity Gulf Shipping Company Balance Sheet As of March 31, 2019 (amounts in thousands) 24,000 41,000 28,053 93,053 77,000 230,747 307,747 400,800 Cash Accounts Receivable Inventory 145,000 Accounts Payable 39,000 Debt 65,000 Other Liabilities Property Plant & Equipment, Gross210,000 Total Liabilities 63,200 Paid-In Capital 146,800 Retained Earnings Property Plant & Equipment, Net Other Assets Total Assets 5,000 Total Equity 400,800 Total Liabilities & Equity Revenue and expenses information from January 1 to March 31, 2019 were: Sales Revenue of $7,900,000 COGS of 20% of Sales Interest of $100,000 Other Expenses of $300,000 SG&A of $1,580,000 Tax Rate of 38% What is the net income in the first quarter of 20197