Ruston Company

Balance Sheet

As of December $31,2023$

$($amounts in thousands$)$

Cash $90,000$ Accounts Payable $12,000$

Accounts Receivable $34,000$ Debt $36,000$

Inventory $51,000$ Other Liabilities $21,000$

Property Plant & Equipment, Gross $230,000$ Total Liabilities $69,000$

Accumulated Depreciation $55,000$ Paid$-$In Capital $59,000$

Property Plant & Equipment, Net $175,000$ Retained Earnings $228,000$

Other Assets $6,000$ Total Equity $287,000$

Total Assets $356,000$ Total Liabilities & Equity $356,000$

Ruston Company

Balance Sheet

As of March $31,2024$

$($amounts in thousands$)$

Cash $88,000$ Accounts Payable $15,000$

Accounts Receivable $40,000$ Debt $43,000$

Inventory $41,000$ Other Liabilities $5,737$

Property Plant & Equipment, Gross $230,000$ Total Liabilities $63,737$

Accumulated Depreciation $55,800$ Paid$-$In Capital $59,000$

Property Plant & Equipment, Net $174,200$ Retained Earnings $230,463$

Other Assets $10,000$ Total Equity $289,463$

Total Assets $353,200$ Total Liabilities & Equity $353,200$

Revenue and expenses information from January $1$ to March $31,2024$ were:

Sales Revenue of $$8,700,000$

COGS of $25\%$ of Sales

Interest of $$60,000$

Other Expenses of $$500,000$

SG&A of $$870,000$

Tax Rate of $38\%$

What is the net income in the first quarter of $2024?$