use the balance sheets and information provided about revenue and expenses to answer the question Ruston Company Balance Sheet As of December 31, 2017 (amounts in thousands) Cash Accounts Receivable Inventory 90,000 Accounts Payable 34,000 Debt 51,000 Other Liabilities 12,000 36,000 21,000 69,000 Property Plant & Equipment, Gross Accumulated Depreciation 230,000 Total Liabilities 55,000 Paid-In Capital 59,000 Property Plant & Equipment, 175,000Retained Earnings 228,000 Net Other Assets Total Assets 6,000 Total Equity 287,000 356,000 Total Liabilities & Equity 356,000 Ruston Company Balance Sheet As of March 31, 2018 (amounts in thousands) 15,000 43,000 5,737 63,737 Cash 88,000 Accounts Payable 40,000 Debt 41,000 Other Liabilities Accounts Receivable Inventory Property Plant & Equipment, Gross Accumulated Depreciation 230,000 Total Liabilities 55,800 Paid-In Capital 59,000 Property Plant & Equipment, 174,200Retained Earnings 230,463 Net Other Assets Total Assets 10,000 Total Equity 289,463 353,200 Total Liabilities & Equity353,200 Revenue and expenses information from January 1 to March 31, 2018 were Sales Revenue of $8,700,000 COGS of 25% of Sales Interest of $60,000 Other Expenses of $500,000 SG&A of $870,000 Tax Rate of 38% What is the net income in the first quarter of 2018? Please specify your answer in the same units as the balance sheets and round your answer to the nearest inteaer