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Q:

Use the balance sheets and information provided about revenue and expenses to answer the question.

$\backslash$table$[[,\backslash$table$[[$Valley Technology$],[$Balance Sheet$],[$As of December $31,2023],[($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,$361,000]]$

$\backslash$table$[[,\backslash$table$[[$Valley Technology$],[$Balance Sheet$],[$As of March $31,2024],[($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 $31,2024$ 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 $2024?$

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.

Please specify your answer in the same units as the financial statements $($i$.$e$.,$ enter the number from your completed income statement$).$

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