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

Lightspeed Industries Balance Sheet As of December 31, 2021 (amounts in thousands)
Cash	141,000	Accounts Payable	19,000
Accounts Receivable	32,000	Debt	36,000
Inventory	49,000	Other Liabilities	20,000
Property Plant & Equipment, Gross	231,000	Total Liabilities	75,000
Accumulated Depreciation	68,000	Paid-In Capital	72,000
Property Plant & Equipment, Net	163,000	Retained Earnings	243,000
Other Assets	5,000	Total Equity	315,000
Total Assets	390,000	Total Liabilities & Equity	390,000

Lightspeed Industries Balance Sheet As of March 31, 2022 (amounts in thousands)
Cash	145,000	Accounts Payable	26,000
Accounts Receivable	37,000	Debt	32,000
Inventory	45,000	Other Liabilities	18,619
Property Plant & Equipment, Gross	231,000	Total Liabilities	76,619
Accumulated Depreciation	68,600	Paid-In Capital	72,000
Property Plant & Equipment, Net	162,400	Retained Earnings	245,781
Other Assets	5,000	Total Equity	317,781
Total Assets	394,400	Total Liabilities & Equity	394,400

Revenue and expenses information from January 1 to March 31, 2022 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 2022?

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).