c. On December 31, 2017, 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. 2017 gross receipts from the transaction are $ 1,200 v and the gross profit from the transaction is $ O x.