Rowland & Sons Air Transport Service Ltd. has been in operation for three years. The following transactions occurred in February 2017: Feb. 1 Paid $230 for rent of hangar space in February. Feb. 4 Received customer payment of $830 to ship several items to Victoria next month. Feb. 7 Flew cargo from Winnipeg to Regina; the customer paid in full ($930 cash). Feb. 10 Paid pilot $1,500 in wages for flying in February. Feb. 14 Paid $130 for an advertisement run in the local paper on February 14. Feb. 18 Flew cargo for two customers from Edmonton to Lake Louise for $2,150; one customer paid $650 cash and the other asked to be billed $1,500. Feb. 25 Purchased on account $1,380 in spare parts for the planes.

1-b. Calculate the companys net income. 1-c. Calculate the net profit margin expressed as a percent. (Round your answer to one decimal place.)