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

Torche Corporation Balance Sheet As of December 31, 2023 (amounts in thousands) Cash 146,000 Accounts Payable 28,000 Accounts Receivable 39,000 Debt 36,000 Inventory 49,000 Other Liabilities 46,000 Property Plant & Equipment, Gross 199,000 Total Liabilities 110,000 Accumulated Depreciation 61,000 Paid-In Capital 63,000 Property Plant & Equipment, Net 138,000 Retained Earnings 207,000 Other Assets 8,000 Total Equity 270,000 Total Assets 380,000 Total Liabilities & Equity 380,000 Torche Corporation Balance Sheet As of March 31, 2024 (amounts in thousands) Cash 149,000 Accounts Payable 28,000 Accounts Receivable 29,000 Debt 26,000 Inventory 59,000 Other Liabilities 60,691 Property Plant & Equipment, Gross 199,000 Total Liabilities 114,691 Accumulated Depreciation 61,800 Paid-In Capital 63,000 Property Plant & Equipment, Net 137,200 Retained Earnings 208,509 Other Assets 12,000 Total Equity 271,509 Total Assets 386,200 Total Liabilities & Equity 386,200 Revenue and expenses information from January 1 to March 31, 2024 were: Sales Revenue of $7,600,000 COGS of 35% of Sales Interest of $190,000 Other Expenses of $600,000 SG&A of $760,000 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).