Rowland & Sons Air Transport Service, Inc., has been in operation for three years. The following transactions occurred in February Feb. 1 Paid $395 for rent of hangar space in February Teb. 4 Received customer payment of $1,680 to ship several items to Philadelphia next month. Teb. 7 Ylew cargo from Denver to Dallas; the customer paid in full ($1,030 cash). Feb. 10 Incurred and paid $1,250 in pilot wages for flying in February Peb. 14 Paid $102 for an advertisement run in the local paper on February 14. Feb.18 Flew cargo for two customers from Dallas to Albuquerque for $2,065: one customer paid $845 cash and the other asked to be billed $2,020. Peb. 25 purchased on account $1.795 in supplies for future use on the planes. es 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 morgin expressed as a porcent Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare accrual basis journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field) View transaction list Lew Calyu LUL LWU LUD LUMELD LLUM WALLAD eb.18 LU sivuyucuyue LUL OL,ous, une cu asked to be billed $2,020. Feb.25 Purchased on account $1,795 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 (Required 1 Required 3 > BLUYEYE 4.003. eu vou Lou a asked to be billed $2,020. Feb. 25 Purchased on account $1,795 in supplies for future use on the planes. LEIL 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 net profit margin expressed as a percent. (Round your answer to 1 decimal place) Net Profit Margin