Answer Q: Use the balance sheets and information provided about revenue and expenses to answer the question. Save your answ 20,000 36,000 9,000 65,000 Nippon Technology Balance Sheet As of December 31, 2019 (amounts in thousands) Cash 137,000 Accounts Payable Accounts Receivable 32,000 Debt Inventory 51,000 Other Liabilities Property Plant 227,000 Total & Equipment, Liabilities Gross Accumulated 73,000 Paid-In Capital Depreciation Property Plant & 154,000 Retained Equipment, Net Earnings Other Assets 8,000 Total Equity Total Assets 382,000 Total Liabilities & Equity 72,000 245,000 317,000 382,000 28,000 Nippon Technology Balance Sheet As of March 31, 2020 (amounts in thousands) Cash 140,000 Accounts Payable Accounts Receivable 26,000 Debt Inventory 56,000 Other Liabilities Property Plant 227,000 Total & Equipment Liabilities Gross Accumulated 73,800 Paid-In Capital Depreciation Property Plant & 153,200 Retained Equipment, Net Earnings Other Assets 12,000 Total Equity Total Assets 387,200 Total Liabilities & 32,000 8,670 68,670 72,000 246,530 318,530 387,200 20 Total Assets 382,000 382,000 Total Liabilities & Equity 28,000 32,000 8,670 68,670 Nippon Technology Balance Sheet As of March 31, 2020 (amounts in thousands) Cash 140,000 Accounts Payable Accounts Receivable 26,000 Debt Inventory 56,000 Other Liabilities Property Plant 227,000 Total & Equipment, Liabilities Gross Accumulated 73,800 Paid-In Capital Depreciation Property Plant & 153,200 Retained Equipment, Net Earnings Other Assets 12,000 Total Equity Total Assets 387,200 Total Liabilities & Equity 72,000 246,530 318,530 387,200 Revenue and expenses information from January 1 to March 31, 2020 were: Sales Revenue of $7,900,000 COGS of 40% of Sales Interest of $80,000 Other Expenses of $600,000 SG&A of $790,000 Tax Rate of 34% What is the net income in the first quarter of 2020? Note: Revenue and expense amounts are provided in dollars but the financial statement units are thousands of dollars. Please specify your answer in the same units as the financial statements (.e., enter the number from your completed income statement) Onen Glossant in ou