Use the balance sheets and information provided about revenue and expenses to answer the question Hopewell Corporation Balance Sheet As of December 31, 2017 (amounts in thousands) Cash Accounts Receivable Inventory 24,000 37,000 30,000 91,000 125,000 Accounts Payable 36,000 Debt 52,000 Other Liabilities 226,000 Total Liabilities 59,000 Paid-In Capital 167,000 Retained Earnings 6,000 Total Equity Property Plant & Equipment, Gross Accumulated Depreciation Property Plant & Equipment, Net Other Assets Total Assets 56,000 239,000 295,000 386,000 386,000 Total Liabilities & Equity Hopewell Corporation Balance Sheet As of March 31, 2018 (amounts in thousands) Cash Accounts Receivable Inventory 23,000 39,000 35,227 97,227 56,000 130,000 Accounts Payable 32,000 Debt 58,000 Other Liabilities Property Plant & Equipment, Gross Accumulated Depreciation 226,000 Total Liabilities 59,900 Paid-In Capital Property Plant & Equipment, Net Other Assets Total Assets 166,100 Retained Earnings 7,000 Total Equity 393,100 Total Liabilities & Equity 239,873 295,873 393,100 Revenue and expenses information from January 1 to March 31, 2018 were: Sales Revenue of $6,400,000 COGS of 40% of Sales Interest of $130,000 Other Expenses of $600,000 SG&A of $640,000 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 integer