Use the balance sheets and information provided about revenue and expenses to answer the question. Stuart Company Balance Sheet As of December 31, 2022 (amounts in thousands) Cash 84,000 Accounts Payable 28,000 Accounts Receivable 47,000 Debt 34,000 Inventory 42,000 Other Liabilities 9,000 Property Plant & Equipment, Gross 243,000 Total Liabilities 71,000 Accumulated Depreciation 71,000 Paid-In Capital 67,000 Property Plant & Equipment, Net 172,000 Retained Earnings 235,000 Other Assets 28,000 Total Equity 302,000 Total Assets 373,000 Total Liabilities & Equity 373,000

Stuart Company Balance Sheet As of March 31, 2023 (amounts in thousands) Cash 87,000 Accounts Payable 19,000 Accounts Receivable 44,000 Debt 28,000 Inventory 50,000 Other Liabilities 29,300 Property Plant & Equipment, Gross 243,000 Total Liabilities 76,300 Accumulated Depreciation 72,100 Paid-In Capital 67,000 Property Plant & Equipment, Net 170,900 Retained Earnings 235,600 Other Assets 27,000 Total Equity 302,600 Total Assets 378,900 Total Liabilities & Equity 378,900

Revenue and expenses information from January 1 to March 31, 2023 were: Sales Revenue of $6,300,000 COGS of 35% of Sales Interest of $150,000 Other Expenses of $200,000 SG&A of $1,260,000 Tax Rate of 35% What is the net income in the first quarter of 2023?