?Rowland & Sons Air Transport Service, Incorporated, has been in operation for three years. The following transactions occurred in February:

February $1$ ?Paid $$620$ ?to rent equipment that was used and returned today.

February $4$ ?Received customer payment of $$1,260$ ?to ship several items to Philadelphia next month.

February $7$ ?Flew cargo from Denver to Dallas; the customer paid in full $($$$1,740$ ?cash$).$

February $10$ ?Incurred and paid $$2,450$ ?in pilot wages for flying in February.

February $14$ ?Paid $$150$ ?for an advertisement run in the local paper on February $14.$

February $18$ ?Flew cargo for two customers from Dallas to Albuquerque for $$2,235$; one customer paid $$635$ ?cash and the other asked to be billed $$1,600.$

February $25$ ?Purchased on account $$1,520$ ?in supplies for future use on the planes.

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Required:

Prepare accrual basis journal entries for each transaction.

Calculate the company$$s preliminary net income.

Calculate the company$$s net profit margin expressed as a percent.