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Lightspeed Industries Balance Sheet As of December 31, 2021 (amounts in thousands) Cash: 141,000 Accounts Payable: 19,000 Accounts Receivable: 32,000 Debt: 36,000 Inventory: 49,000 Other Liabilities: 20,000 Property Plant & Equipment, Gross: 231,000 Total Liabilities: 75,000 Accumulated Depreciation: 68,000 Paid-In Capital: 72,000 Property Plant & Equipment, Net: 163,000 Retained Earnings: 243,000 Other Assets: 5,000 Total Equity: 315,000 Total Assets: 390,000 Total Liabilities & Equity: 390,000 Lightspeed Industries Balance Sheet As of March 31, 2022 (amounts in thousands) Cash: 145,000 Accounts Payable: 26,000 Accounts Receivable: 37,000 Debt: 32,000 Inventory: 45,000 Other Liabilities: 18,619 Property Plant & Equipment, Gross: 231,000 Total Liabilities: 76,619 Accumulated Depreciation: 68,600 Paid-In Capital: 72,000 Property Plant & Equipment, Net: 162,400 Retained Earnings: 245,781 Other Assets: 5,000 Total Equity: 317,781 Total Assets: 394,400 Total Liabilities & Equity: 394,400 Revenue and expenses information from January 1 to March 31, 2022 were: Sales Revenue: $9,200,000 COGS: 25% of Sales Interest: $190,000 Other Expenses: $300,000 SG&A: $920,000 Tax Rate: 37% What is the net income in the first quarter of 2022? 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).

          Lightspeed Industries
Balance Sheet
As of December 31, 2021
(amounts in thousands)

Cash: 141,000
Accounts Payable: 19,000
Accounts Receivable: 32,000
Debt: 36,000
Inventory: 49,000
Other Liabilities: 20,000
Property Plant & Equipment, Gross: 231,000
Total Liabilities: 75,000
Accumulated Depreciation: 68,000
Paid-In Capital: 72,000
Property Plant & Equipment, Net: 163,000
Retained Earnings: 243,000
Other Assets: 5,000
Total Equity: 315,000
Total Assets: 390,000
Total Liabilities & Equity: 390,000

Lightspeed Industries
Balance Sheet
As of March 31, 2022
(amounts in thousands)

Cash: 145,000
Accounts Payable: 26,000
Accounts Receivable: 37,000
Debt: 32,000
Inventory: 45,000
Other Liabilities: 18,619
Property Plant & Equipment, Gross: 231,000
Total Liabilities: 76,619
Accumulated Depreciation: 68,600
Paid-In Capital: 72,000
Property Plant & Equipment, Net: 162,400
Retained Earnings: 245,781
Other Assets: 5,000
Total Equity: 317,781
Total Assets: 394,400
Total Liabilities & Equity: 394,400

Revenue and expenses information from January 1 to March 31, 2022 were:

Sales Revenue: $9,200,000
COGS: 25% of Sales
Interest: $190,000
Other Expenses: $300,000
SG&A: $920,000
Tax Rate: 37%

What is the net income in the first quarter of 2022?

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).

Added by James H.

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