/bbrobd94dn5... b9861860518205... a90e0d66e0d577... e8963c19161e215... 89b3310472b75e... tsfalls@crimson omework Saved Rowland & Sons Air Transport Service, Inc., has been in operation for three years. The following transactions occurred in February Feb. 1 Paid $215 for rent of hangar space in February. Feb. 4 Received customer payment of $1,210 to ship several items to Philadelphia next month. Feb. 7 Flew cargo from Denver to Dallas; the customer paid in full ($1,120 cash). Feb. 10 Incurred and paid $2,200 in pilot wages for flying in February. Feb. 14 Paid $200 for an advertisement run in the local paper on February 14. Feb.18 Flew cargo for two customers from Dallas to Albuquerque for $1,805; one customer paid $565 cash and the other asked to be billed $1,240. Feb. 25 Purchased on account $1,360 in supplies for future use on the planes. Required: 1. Prepare accrual basis journal entries for each transaction. 2. Calculate the company's preliminary net income. 3. Calculate the company's net profit margin expressed as a percent. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the company's preliminary net income. Preliminary Net Income