Use the balance sheets and information provided about revenue and expenses to answer the question. Cash Accounts Receivable Inventory Property Plant & Equipment, Gross Accumulated Depreciation Property Plant & Equipment, Net Other Assets Total Assets Lightspeed Industries Balance Sheet As of December 31, 2022 (amounts in thousands) 141,000 Accounts Payable 32,000 Debt 49,000 Other Liabilities 231,000 Total Liabilities 19,000 36,000 20,000 75,000 72,000 243,000 5,000 Total Equity 315,000 390,000 Total Liabilities & Equity 390,000 68,000 Paid-In Capital 163,000 Retained Earnings Lightspeed Industries Balance Sheet As of March 31, 2023 (amounts in thousands) Cash 145,000 Accounts Payable 26,000 Accounts Receivable Inventory Property Plant & Equipment, Gross Accumulated Depreciation Property Plant & Equipment, Net 231,000 Total Liabilities 68,600 Paid-In Capital 162,400 Retained Earnings 37,000 Debt 32,000 45,000 Other Liabilities 18,619 76,619 72,000 245,781 Other Assets Total Assets 5,000 Total Equity 317,781 394,400 Total Liabilities & Equity 394,400 Revenue and expenses information from January 1 to March 31, 2023 were: Sales Revenue of $9,200,000 COGS of 25% of Sales Interest of $190,000 Other Expenses of $300,000 SG&A of $920,000 Tax Rate of 37% What is the net income in the first quarter of 2023? Note: Revenue and expense amounts are provided in dollars but the financial statement units are thousands of dollars. Round the income taxes amount to the nearest integer when you apply the tax rate. Please specify your answer in the same units as the financial statements (i.e., enter the number from your completed income statement).