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1 1 E3-12 Recording Journal Entries and Determining Net Income and Net Profit Margin (LO 3-2, LO 3-3, LO 3.5) Rowand & Sons Air Transport Service, Inc has been in operation for three years. The following transactions occurred in February 9 points Feb 1 Paid $215 for rent of hang space in February Feb. 4 Rew customer payent of 31,210 to ship several items to Philadelphia next month Feb. 7 cargo from Denver to Dallas, the customer paid in full ($1,120 s) Feb. 10 incurred and paid 200 in pilotages for flying in February Feb. 14 Paid for an advertisement run in the local paper on February 14 Feb. Fie cargo for the customers from alles te Alligere for 51, one customer path whether the billed $3,240 Feb. 25 Purchased account 11.100 insults for future use the planes Hind Prim Required: 1. Prepare accrual basis journal entries for each transaction 2. Calculate the company's preliminary net income 3. Calculate the company's net profit marpin expressed as a percent. herences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Calculate the company's preliminary net income come