On December $31,2019,$ the company sold an appliance for $$1,200.$ The company received $$500$ cash and a note from the customer for $$700$ and $$260$ interest, to be paid at the rate of $$40$ a month for $24$ months. Because of the customer's poor credit record, the fair market value of the note was only $$600.$ The cost of the appliance was $$750.$

What amount is included in the gross receipts and what is the gross profit?

The $2019$ gross receipts from the transaction are $