Dansko Integrated Balance Sheet

Dansko Integrated
Balance Sheet
As of December 31, 2022
(amounts in thousands)Cash99,000Accounts Payable27,000Accounts Receivable45,000Debt35,000Inventory38,000Other Liabilities10,000Property Plant & Equipment, Gross235,000Total Liabilities72,000Accumulated Depreciation67,000Paid-In Capital80,000Property Plant & Equipment, Net168,000Retained Earnings214,000Other Assets16,000Total Equity294,000Total Assets366,000Total Liabilities & Equity366,000Dansko Integrated
Balance Sheet
As of March 31, 2023
(amounts in thousands)Cash96,000Accounts Payable36,000Accounts Receivable41,000Debt33,000Inventory46,000Other Liabilities2,202Property Plant & Equipment, Gross235,000Total Liabilities71,202Accumulated Depreciation68,100Paid-In Capital80,000Property Plant & Equipment, Net166,900Retained Earnings215,698Other Assets17,000Total Equity295,698Total Assets366,900Total Liabilities & Equity366,900

Revenue and expenses information from January 1 to March 31, 2023 were:
Sales Revenue of $7,800,000
COGS of 30% of Sales
Interest of $60,000
Other Expenses of $600,000
SG&A of $780,000
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.