Use the balance sheets and information provided about revenue and expenses to answer the question. Hopewell Corporation Balance Sheet As of December 31, 2019 (amounts in thousands) Cash 125,000 Accounts Payable Accounts Receivable 36,000 Debt Inventory 52,000 Other Liabilities Property Plant & Equipment, Gross 226,000 Total Liabilities Accumulated Depreciation 59,000 Paid-In Capital Property Plant & Equipment, Net 167,000 Retained Earnings Other Assets 6,000 Total Equity Total Assets 386,000 Total Liabilities & Equity 24,000 37,000 30,000 91,000 56,000 239,000 295,000 386,000 Cash Accounts Receivable Inventory Property Plant & Equipment, Gross Accumulated Depreciation Property Plant & Equipment, Net Other Assets Total Assets Hopewell Corporation Balance Sheet As of March 31, 2020 (amounts in thousands) 130,000 Accounts Payable 32,000 Debt 58,000 Other Liabilities 226,000 Total Liabilities 59,900 Paid-In Capital 166,100 Retained Earnings 7,000 Total Equity 393,100 Total Liabilities & Equity 23,000 39,000 35,227 97,227 56,000 239,873 295,873 393,100 Revenue and expenses information from January 1 to March 31, 2020 were: Sales Revenue of $6,400,000 COGS of 40% of Sales Interest of $130,000 Other Expenses of $600,000 SG&A of $640,000 Tax Rate of 38% What is the net income in the first quarter of 2020