Use the balance sheets and information provided about revenue and expenses to answer the question.

Torche Corporation Balance Sheet As of December 31, 2019 (amounts in thousands)
Cash	147,000	Accounts Payable	24,000
Accounts Receivable	48,000	Debt	37,000
Inventory	38,000	Other Liabilities	50,000
Property Plant & Equipment, Gross	218,000	Total Liabilities	111,000
Accumulated Depreciation	60,000	Paid-In Capital	60,000
Property Plant & Equipment, Net	158,000	Retained Earnings	229,000
Other Assets	9,000	Total Equity	289,000
Total Assets	400,000	Total Liabilities & Equity	400,000

Torche Corporation Balance Sheet As of March 31, 2020 (amounts in thousands)
Cash	152,000	Accounts Payable	20,000
Accounts Receivable	56,000	Debt	38,000
Inventory	41,000	Other Liabilities	64,310
Property Plant & Equipment, Gross	218,000	Total Liabilities	122,310
Accumulated Depreciation	60,500	Paid-In Capital	60,000
Property Plant & Equipment, Net	157,500	Retained Earnings	231,190
Other Assets	7,000	Total Equity	291,190
Total Assets	413,500	Total Liabilities & Equity	413,500

Revenue and expenses information from January 1 to March 31, 2020 were: Sales Revenue of $9,600,000 COGS of 40% of Sales Interest of $70,000 Other Expenses of $400,000 SG&A of $960,000 Tax Rate of 35%

What is the net income in the first quarter of 2020?

Note: Revenue and expense amounts are provided in dollars but the financial statement units are thousands of dollars.

Please specify your answer in the same units as the financial statements (i.e., enter the number from your completed income statement).