Check my weork 3 Rowland & Sons Air Transport Service, Inc., has been in operation for three years. The following transactions occurred in February: Feb. 1 Paid $520 for rent of hangar space in February Feb. 4 Received customer payment of $880 to ship several itens to Philadelphia next month. Feb. 7 Flev cargo from Denver to Dallas; the customer paid in full ($1,270 cash). Feb.10 Incurred and paid $1,600 in pilot wages for flying in February Feb.14 Paid $170 for an advertisement run in the local paper on February 14. ts Flew asked to be billed $1,780. for $2,305; one custoner paid $525 cash and the other Feb.18 Feb.25 Purchased on account $1,835 in supplies for future use on the planes. Hint Print 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 1Required 2 Required 3 s preliminary net income. Calculate the Net Income 3 of 6H Next >