Use the balance sheets and information provided about revenue and expenses to answer the question. Lightspeed Industries Balance Sheet As of December 31, 2020 (amounts in thousands) Cash 141,000 Accounts Payable 19,000 Accounts Receivable 32,000 Debt 36,000 Inventory 49,000 Other Liabilities 20,000 Property Plant & 231,000 Total Liabilities 75,000 Equipment, Gross Accumulated 68,000 Paid-In Capital 72,000 Depreciation Property Plant & Equipment, 163,000 Retained Earnings 243,000 Net Other Assets 5,000 Total Equity 315,000 Total Assets 390,000 Total Liabilities & Equity 390,000 Lightspeed Industries Balance Sheet As of March 31, 2021 (amounts in thousands) 145,000 Accounts Payable 37,000 Debt 45,000 Other Liabilities 231,000 Total Liabilities 26,000 32,000 18,619 76,619 Cash Accounts Receivable Inventory Property Plant & Equipment, Gross Accumulated Depreciation Property Plant & Equipment, Net Other Assets Total Assets 68,600 Paid-In Capital 72,000 162,400 Retained Earnings 245,781 5,000 Total Equity 394,400 Total Liabilities & Equity 317,781 394,400 Revenue and expenses information from January 1 to March 31, 2021 were: Sales Revenue of $9,200,000 COGS of 25% of Sales Interest of $190,000 Other Expenses of $300,000 SG&A of $920,000 Tax Rate of 37% What is the net income in the first quarter of 2021? Note: Revenue and expense amounts are provided in dollars but the financial statement units are thousands of dollars. Round the income taxes amount to the nearest integer when you apply the tax rate