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	137,000	Accounts Payable	20,000
Accounts Receivable	32,000	Debt	36,000
Inventory	51,000	Other Liabilities	9,000
Property Plant & Equipment, Gross	227,000	Total Liabilities	65,000
Accumulated Depreciation	73,000	Paid-In Capital	72,000
Property Plant & Equipment, Net	154,000	Retained Earnings	245,000
Other Assets	8,000	Total Equity	317,000
Total Assets	382,000	Total Liabilities & Equity	382,000

Nippon Technology Balance Sheet As of March 31, 2020 (amounts in thousands)
Cash	140,000	Accounts Payable	28,000
Accounts Receivable	26,000	Debt	32,000
Inventory	56,000	Other Liabilities	8,670
Property Plant & Equipment, Gross	227,000	Total Liabilities	68,670
Accumulated Depreciation	73,800	Paid-In Capital	72,000
Property Plant & Equipment, Net	153,200	Retained Earnings	246,530
Other Assets	12,000	Total Equity	318,530
Total Assets	387,200	Total Liabilities & Equity	387,200

Revenue and expenses information from January 1 to March 31, 2020 were: Sales Revenue of $7,900,000 COGS of 40% of Sales Interest of $80,000 Other Expenses of $600,000 SG&A of $790,000 Tax Rate of 34%

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).