Rowland & Sons Air Transport Service, Incorporated, has been in operation for three years. The following transactions occurred in February February 1 Paid $290 for ront of hangar space in February. February 4 Received custooner payment of \$1,490 to ship several items to Philladelphia next nonth. February 7 Flew cargo from Denver to Dallas; the customer paid in full (\$1,51e cash). Februery 10 Tncurred and paid $2, 35 in pilot wages for flying in February. February 14 Paid $142 for an advertisement run in the local paper on February 14. February 18 Flen cargo for two customers from Dallas to Albuquerque for $2,485; one custoeer paid 5895 cash and the other asked to be billed $1,590. February 25 Purchased on account $1,790 in supplies for future use on the planes. Required: 1. Prepare occrual basis joumal entries for each transaction. 2. Calculate the company's preliminary net income. 3. Calculate the company's net profit margin expressed as a percent