Use the balance sheets and information provided about revenue and expenses to answer the question. Valley Technology Balance Sheet As of December 31, 2019 (amounts in thousands) Cash 97,000 Accounts Payable 15,000 Accounts Receivable 45,000 Debt 29,000 Inventory 38,000 Other Liabilities 8,000 Property Plant & Equipment, Gross 239,000 Total Liabilities 52,000 Accumulated Depreciation 75,000 Paid-In Capital 73,000 Property Plant & Equipment, Net 164,000 Retained Earnings 236,000 Other Assets 17,000 Total Equity 309,000 Total Assets 361,000 Total Liabilities & Equity 361,000 Valley Technology Balance Sheet As of March 31, 2020 (amounts in thousands) Cash 101,000 Accounts Payable 7,000 Accounts Receivable 46,000 Debt 19,000 Inventory 33,000 Other Liabilities 24,485 Property Plant & Equipment, Gross 239,000 Total Liabilities 50,485 Accumulated Depreciation 76,000 Paid-In Capital 73,000 Property Plant & Equipment, Net 163,000 Retained Earnings 237,515 Other Assets 18,000 Total Equity 310,515 Total Assets 361,000 Total Liabilities & Equity 361,000 Revenue and expenses information from January 1 to March 31, 2020 were: Sales Revenue of $8,800,000 COGS of 35% of Sales Interest of $80,000 Other Expenses of $200,000 SG&A of $1,760,000 Tax Rate of 36% What is the net income in the first quarter of 2020?