Rowland & Sons Air Transport Service, Inc., has been in operation for three years. The following transactions occurred in February Feb. 1 Paid $200 for rent of hangar space in February. Feb. 4 Received customer payment of $800 to ship several items to Philadelphia next month. Feb. 7 Flew cargo from Denver to Dallas; the customer paid in full ($900 cash). Feb. 18 Incurred and paid $1,200 in pilot wages for flying in February. Feb. 14 Paid $100 for an advertisement run in the local paper on February 14. Feb. 18 Flew cargo for two customers from Dallas to Albuquerque for $1,700; one customer paid $500 cash and the other asked to be billed $1,200. Feb. 25 Purchased on account $1,350 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. Required 1 Required 2 Required 3 Calculate the company's preliminary net income. Preliminary Net Income Required 1 Required 2 Required 3 Calculate the company's net profit margin expressed as a percent. (Round your answer to 1 decimal place.) Net Profit Margin