Use the balance sheets and information provided about revenue and expenses to answer the question. Hopewell Corporation Balance Sheet As of December 31, 2019 (amounts in thousands) Cash 125,000 Accounts Payable 24,000 Accounts Receivable 36,000 Debt 37,000 Inventory 52,000 Other Liabilities 30,000 Property Plant & Equipment, Gross 226,000 Total Liabilities 91,000 Accumulated Depreciation 59,000 Paid-In Capital 56,000 Property Plant & Equipment, Net 167,000 Retained Earnings 239,000 Other Assets 6,000 Total Equity 295,000 Total Assets 386,000 Total Liabilities & Equity 386,000 Hopewell Corporation Balance Sheet As of March 31, 2020 (amounts in thousands) Cash 130,000 Accounts Payable 23,000 Accounts Receivable 32,000 Debt 39,000 Inventory 58,000 Other Liabilities 35,227 Property Plant & Equipment, Gross 226,000 Total Liabilities 97,227 Accumulated Depreciation 59,900 Paid-In Capital 56,000 Property Plant & Equipment, Net 166,100 Retained Earnings 239,873 Other Assets 7,000 Total Equity 295,873 Total Assets 393,100 Total Liabilities & Equity 393,100 Revenue and expenses information from January 1 to March 31, 2020 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 2020?