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

Stuart Company Balance Sheet As of December 31, 2022 (amounts in thousands)
Cash	84,000	Accounts Payable	28,000
Accounts Receivable	47,000	Debt	34,000
Inventory	42,000	Other Liabilities	9,000
Property Plant & Equipment, Gross	243,000	Total Liabilities	71,000
Accumulated Depreciation	71,000	Paid-In Capital	67,000
Property Plant & Equipment, Net	172,000	Retained Earnings	235,000
Other Assets	28,000	Total Equity	302,000
Total Assets	373,000	Total Liabilities & Equity	373,000

Stuart Company Balance Sheet As of March 31, 2023 (amounts in thousands)
Cash	87,000	Accounts Payable	19,000
Accounts Receivable	44,000	Debt	28,000
Inventory	50,000	Other Liabilities	29,300
Property Plant & Equipment, Gross	243,000	Total Liabilities	76,300
Accumulated Depreciation	72,100	Paid-In Capital	67,000
Property Plant & Equipment, Net	170,900	Retained Earnings	235,600
Other Assets	27,000	Total Equity	302,600
Total Assets	378,900	Total Liabilities & Equity	378,900

Revenue and expenses information from January 1 to March 31, 2023 were: Sales Revenue of $6,300,000 COGS of 35% of Sales Interest of $150,000 Other Expenses of $200,000 SG&A of $1,260,000 Tax Rate of 35%

What is the net income in the first quarter of 2023?

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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