Use the balance sheets and information provided about revenue and expenses to answer the question. Gulf Shipping Company Balance Sheet As of December 31, 2023 (amounts in thousands) Cash 130,000 Accounts Payable 12,000 Accounts Receivable 35,000 Debt 33,000 Inventory 31,000 Other Liabilities 13,000 Property Plant & Equipment, Gross 206,000 Total Liabilities 58,000 Accumulated Depreciation 66,000 Paid-In Capital 52,000 Property Plant & Equipment, Net 140,000 Retained Earnings 245,000 Other Assets 19,000 Total Equity 297,000 Total Assets 355,000 Total Liabilities & Equity 355,000 Gulf Shipping Company Balance Sheet As of March 31, 2024 (amounts in thousands) Cash 129,000 Accounts Payable 12,000 Accounts Receivable 45,000 Debt 33,000 Inventory 31,000 Other Liabilities 24,704 Property Plant & Equipment, Gross 206,000 Total Liabilities 69,704 Accumulated Depreciation 66,800 Paid-In Capital 52,000 Property Plant & Equipment, Net 139,200 Retained Earnings 246,496 Other Assets 24,000 Total Equity 298,496 Total Assets 368,200 Total Liabilities & Equity 368,200 Revenue and expenses information from January 1 to March 31, 2024 were: Sales Revenue of $8,000,000 COGS of 30% of Sales Interest of $130,000 Other Expenses of $500,000 SG&A of $1,600,000 Tax Rate of 34% 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).