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

Valley Technology Balance Sheet As of December 31, 2019 (amounts in thousands)
Cash	97,000	Accounts Payable	15,000
Accounts Receivable	45,000	Debt	29,000
Inventory	38,000	Other Liabilities	8,000
Property Plant & Equipment, Gross	239,000	Total Liabilities	52,000
Accumulated Depreciation	75,000	Paid-In Capital	73,000
Property Plant & Equipment, Net	164,000	Retained Earnings	236,000
Other Assets	17,000	Total Equity	309,000
Total Assets	361,000	Total Liabilities & Equity	361,000

Valley Technology Balance Sheet As of March 31, 2020 (amounts in thousands)
Cash	101,000	Accounts Payable	7,000
Accounts Receivable	46,000	Debt	19,000
Inventory	33,000	Other Liabilities	24,485
Property Plant & Equipment, Gross	239,000	Total Liabilities	50,485
Accumulated Depreciation	76,000	Paid-In Capital	73,000
Property Plant & Equipment, Net	163,000	Retained Earnings	237,515
Other Assets	18,000	Total Equity	310,515
Total Assets	361,000	Total Liabilities & Equity	361,000

Revenue and expenses information from January 1 to March 31, 2020 were: Sales Revenue of $8,800,000 COGS of 35% of Sales Interest of $80,000 Other Expenses of $200,000 SG&A of $1,760,000 Tax Rate of 36%

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