Rowland & Sons Air Transport Service Ltd. has been in operation for three years. The following transactions occurred in February 2017:

Feb.	1		Paid $390 for rent of hangar space in February.
Feb.	4		Received customer payment of $990 to ship several items to Victoria next month.
Feb.	7		Flew cargo from Winnipeg to Regina; the customer paid in full ($1,090 cash).
Feb.	10		Paid pilot $3,100 in wages for flying in February.
Feb.	14		Paid $290 for an advertisement run in the local paper on February 14.
Feb.	18		Flew cargo for two customers from Edmonton to Lake Louise for $4,550; one customer paid $1,450 cash and the other asked to be billed $3,100.
Feb.	25		Purchased on account $1,540 in spare parts for the planes.

Required: 1-a. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" ir the first account field.) View transaction list > 1 Paid $390 for rent of hangar space in February. 2 Received customer payment of $990 to ship several items to Victoria next month. 3 Flew cargo from Winnipeg to Regina; the customer paid in full ($1,090 cash). 4 Paid pilot $3,100 in wages for flying in February. Credit 5 Paid $290 for an advertisement run in the local paper on February 14. 6 Flew cargo for two customers from Edmonton to Lake Louise for $4,550; one customer paid $1,450 cash and the other asked to be billed $3,100. Purchased on account $1,540 in spare parts for the planes. Note : = journal entry has been entered 1-b. Calculate the company's net income. Preliminary net income 1-c. Calculate the net profit margin expressed as a percent. (Round your answer to one decimal place.) Net Profit Margin %