Cash 24,000 Accounts Receivable Inventory Property Plant & Equipment, Gross Accumulated Depreciation Property Plant & Equipment, Net Other Assets Torche Corporation Balance Sheet As of December 31, 2020 (amounts in thousands) 131,000 Accounts Payable 50,000 Debt 45,000 Other Liabilities 237,000 Total Liabilities 64,000 Pald-In Capital 173,000 Retained Earnings 8,000 Total Equity 407,000 Total Liabilities & Equity 28,000 66,000 118,000 76,000 213,000 289,000 407,000 Total Assets Cash Accounts Receivable Inventory Property Plant & Equipment, Gross Accumulated Depreciation Property Plant & Equipment, Net Other Assets Total Assets Torche Corporation Balance Sheet As of March 31, 2021 (amounts in thousands) 135,000 Accounts Payable 60,000 Debt 55,000 Other Liabilities 237,000 Total Liabilities 65,200 Paid-In Capital 171,800 Retained Earnings 9,000 Total Equity 430,800 Total Liabilities & Equity 34,000 38,000 68,282 140,282 76,000 214,518 290,518 430,800 Revenue and expenses information from January 1 to March 31, 2021 were: Sales Revenue of $6,500,000 COGS of 20% of Sales Interest of $140,000 Other Expenses of $600,000 SG&A of $650,000 Tax Rate of 38% What is the net income in the first quarter of 2021