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

Nippon Technology Balance Sheet As of December 31, 2019 (amounts in thousands)
Cash	116,000	Accounts Payable	25,000
Accounts Receivable	41,000	Debt	37,000
Inventory	43,000	Other Liabilities	13,000
Property Plant & Equipment, Gross	232,000	Total Liabilities	75,000
Accumulated Depreciation	67,000	Paid-In Capital	70,000
Property Plant & Equipment, Net	165,000	Retained Earnings	244,000
Other Assets	24,000	Total Equity	314,000
Total Assets	389,000	Total Liabilities & Equity	389,000

Nippon Technology Balance Sheet As of March 31, 2020 (amounts in thousands)
Cash	114,000	Accounts Payable	25,000
Accounts Receivable	51,000	Debt	37,000
Inventory	43,000	Other Liabilities	23,466
Property Plant & Equipment, Gross	232,000	Total Liabilities	85,466
Accumulated Depreciation	67,800	Paid-In Capital	70,000
Property Plant & Equipment, Net	164,200	Retained Earnings	245,734
Other Assets	29,000	Total Equity	315,734
Total Assets	401,200	Total Liabilities & Equity	401,200

Revenue and expenses information from January 1 to March 31, 2020 were: Sales Revenue of $7,700,000 COGS of 20% of Sales Interest of $150,000 Other Expenses of $600,000 SG&A of $1,540,000 Tax Rate of 37%

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).