Cycle Wholesaling sold merchandise on account, with terms n$/60,$ to Sarahs Cycles on February $1$ for $$1,000($cost of goods sold of $$640).$ On February $9,$ Sarahs Cycles returned to Cycle Wholesaling one$-$quarter of the merchandise from February $1($cost of goods returned was $$160).$ Cycle Wholesaling uses a perpetual inventory system, and it allows returns only within $15$ days of initial sale. Required:$1.$ to $3.$ Prepare the journal entries to record the sale on February $1,$ goods returned on February $9,$ and cash collected on March $2\mathrm{.}4.$ Calculate the gross profit percentage for the sale to Sarahs Cycles.