Siam Traders Balance Sheet As of December 31, 2019 (amounts in thousands)
Cash	91,000	Accounts Payable	19,000
Accounts Receivable	44,000	Debt	24,000
Inventory	48,000	Other Liabilities	6,000
Property Plant & Equipment, Gross	234,000	Total Liabilities	49,000
Accumulated Depreciation	78,000	Paid-In Capital	69,000
Property Plant & Equipment, Net	156,000	Retained Earnings	247,000
Other Assets	26,000	Total Equity	316,000
Total Assets	365,000	Total Liabilities & Equity	365,000

Siam Traders Balance Sheet As of March 31, 2020 (amounts in thousands)
Cash	96,000	Accounts Payable	25,000
Accounts Receivable	45,000	Debt	23,300
Inventory	38,000	Other Liabilities	-6,720
Property Plant & Equipment, Gross	234,000	Total Liabilities	41,580
Accumulated Depreciation	78,700	Paid-In Capital	69,000
Property Plant & Equipment, Net	155,300	Retained Earnings	248,720
Other Assets	25,000	Total Equity	317,720
Total Assets	359,300	Total Liabilities & Equity	359,300

Revenue and expenses information from January 1 to March 31, 2020 were: Sales Revenue of $9,600,000 COGS of 35% of Sales Interest of $160,000 Other Expenses of $400,000 SG&A of $1,920,000 Tax Rate of 34%

What is the net income in the first quarter of 2020