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

Feb.	1		Paid $250 for rent of hangar space in February.
Feb.	4		Received customer payment of $850 to ship several items to Victoria next month.
Feb.	7		Flew cargo from Winnipeg to Regina; the customer paid in full ($950 cash).
Feb.	10		Paid pilot $1,700 in wages for flying in February.
Feb.	14		Paid $150 for an advertisement run in the local paper on February 14.
Feb.	18		Flew cargo for two customers from Edmonton to Lake Louise for $2,450; one customer paid $750 cash and the other asked to be billed $1,700.
Feb.	25		Purchased on account $1,400 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" in the first account field.)

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.)