Use the balance sheets and information provided about revenue and expenses to answer the question Torche Corporation Balance Sheet As of December 31, 2017 (amounts in thousands) Cash 147,000 Accounts Payable 24,000 Accounts Receivable 48,000 Debt 37,000 38,000 Other Liabilities 218,000 Total Liabilities 60,000 Paid-In Capital 158,000 Retained Earnings Inventory 50,000 Property Plant & Equipment, Gross Accumulated Depreciation 111,000 60,000 229,000 289,000 400,000 Property Plant & Equipment, Net 9,000 Total Equity 400,000 Total Liabilities & Equity Other Assets Total Assets Torche Corporation Balance Sheet As of March 31, 2018 (amounts in thousands) Cash 152,000 Accounts Payable 20,000 38,000 64,310 122,310 60,000 231,190 291,190 413,500 Accounts Receivable 56,000 Debt 41,000 Other Liabilities 218,000 Total Liabilities 60,500 Paid-In Capital 157,500 Retained Earnings Inventory Property Plant & Equipment, Gross Accumulated Depreciation Property Plant & Equipment, Net Other Assets 7,000 Total Equity 413,500 Total Liabilities & Equity Total Assets Revenue and expenses information from January 1 to March 31, 2018 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 2018