Rowland & Sons Air Transport Service, Inc., has been in operation for three years. The following transactions occurred in February: Feb. 1 Paid $390 for rent of hangar space in February Feb. 4 Received customer payment of $710 to ship several items to Philadelphia next month. Feb. 7 Plew cargo from Denver to Dallas; the customer paid in full (,070 cash). Feb.10 Incurred and paid $2,000 in pilot vages for flying in February Feb.14 Paid $168 for an advertisenent run in the local paper on February 14. Plev cargo for two customers from Dallas to Abuquerque for $1,950; one customer paid $590 cash and the other Feb.18 asked to be billed $1,360. Feb.25 Purchased on account $1,725 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 2Required 3 Calculate the company's preliminary net income Net Income